Great Yarmouth’s Victoria Arcade sold at auction for £800,000
PUBLISHED: 15:15 10 August 2017 | UPDATED: 07:59 11 August 2017
Archant Norfolk © 2014
A popular shopping precinct in Great Yarmouth town centre has been sold at auction.
Victoria Arcade went under the hammer in Mayfair, Central London, and was sold to Birmingham-based H I S Investments for £800,000.
According to Companies House the nature of the business is buying and selling real estate.
The thoroughfare contains 74 units, of which 28 are double units and five are currently vacant.
Town centre manager Jonathan Newman said Victoria Arcade offers a unique shopping experience in the town.
He added: “I think it’s a really good investment by the new owner and shows there’s confidence in the future of Great Yarmouth and its potential.”
Mr Newman said the covered arcade, along with the larger Market Gates Shopping Centre, was the only fully-owned shopping area in the town, which gives the owners huge sway in deciding its future direction.
He added: “With a little bit of investment and the right marketing it could really become a really important shopping attraction for the town.
“In the last few months we’ve seen an influx of traders, so we hope the new owners continue to encourage and give the right incentives to fill the remaining units and add to the already great shopping offer that Victoria Arcade presents.
“It’s in a far better position than it was a couple of years ago. The precinct has benefited from the influx of traders that a year ago were looking for new premises because of the indoor market fire.
“It makes Victoria Arcade a much more attractive shopping prospect and there are some really unique and niche retailers there.”
The shopping area opened in the 1920s as the Central Arcade and was refurbished and renamed the Victoria Arcade in 1987.
The arcade is home to many independent retailers, including a book shop, clothes shop, barbers and puppet shop.
In recent years the precinct has been hit hard by the recession, and by 2015 around 15 premises were vacant.
After the fire in Regent Road last August destroyed the indoor market, several businesses relocated to the thoroughfare.
The area also features in Great Yarmouth Borough Council’s Town Centre Masterplan, and will be near a possible cinema and restaurant development based in the King Street car park.