The Sydney-based investor who has purchased Twofold Arcade says he will make no changes to the building, and plans only on conducting repairs in an attempt to let the remaining vacant shops.
Benjamin Choi travelled to Eden on Thursday to meet with the arcade’s existing tenants, reassuring them that there will be no redevelopment or rent rises.
The Imlay Street property, which includes 14 separate shops on the ground floor and an upstairs community health centre, currently has nine vacancies.
Mr Choi, who is an active developer in Sydney’s northern beaches area, said he was drawn to Eden right from the word go, and that he is optimistic about the future of the town.
“I like it here, and I had been looking for an investment around this area,” he said.
“I found this one and decided it was a good [option], so I’m very happy to have got it.
“I don’t want to make any changes; I just want to fix it up and leave it as it is.”
Mr Choi said he is keen to let the vacant shops, and he met with local carpentry contractors Campbell Home Construction and Projects on Thursday, to look at getting work underway.
General maintenance work including fixing leaks, and replacing ceiling panels, roofing, guttering and windows are among the jobs to be carried out.
Selling agent Glenn Brunette, of Eden Realty, says the sale is a great result for the town, coupled with recent funding announcements for upgrades to the Port of Eden.
“We’re very pleased that Benjamin has come down and shown confidence in the town and its future,” Mr Brunette said.
“He’s secured this investment, which is probably one of the most important commercial properties in the centre of Eden.
“We’re inviting expressions of interest in the vacant shops, and very much looking forward to the future leasing of the property.
“We’re happy to meet tenants’ requirements in order to fill the property.”