A Sydney-based investor has exchanged contracts on the purchase of Twofold Arcade, with the sale of the Imlay Street property to be settled within the next month.
The selling agent, Eden Realty manager licensee Glenn Brunette said that the purchaser would again be visiting Eden prior to settlement, and would take time out during his stay to introduce himself to the arcade’s existing tenants.
With the sale yet to reach settlement, the buyer does not wish to reveal his identity or details of the sale.
It is understood that the buyer plans to carry out cosmetic upgrades and make improvements to the existing amenities within the arcade.
Mr Brunette said the sale is a positive sign for the future of Eden.
“The outcome of a marketing campaign both locally and in metropolitan newspapers saw substantial interest in the arcade,” he said.
“The level of interest and the subsequent sale shows confidence in Eden.
“The potential supermarket development next door (at the Hotel Australasia site) makes the arcade a very attractive investment.”