The former Palace Theatre in Huddersfield has been bought by a local developer off an asking price of £500,000.
Future plans for the landmark building, located next to the Kingsgate shopping centre and ring road, could include conversion into student accommodation which would retain the building’s iconic facade.
An application for listed building status for the property has previously been refused.
The Huddersfieldoffice of chartered surveyor’s Eddisons concluded the deal on the building, used most recently as a nightclub, in just 72 hours on behalf of the receivers. The new buyer has similar property interests in the town.
Jonathan O’Connor of Eddisons said: ‘The sale was agreed on the Monday with contracts being exchanged on Wednesday of the same week. This is an incredibly short time frame for a deal of this nature and demonstrated a commitment from all parties to achieve a swift conclusion.’
Meanwhile Eddisons has let over 6,300 sq ft at theScandinaviaCourtBusinessParkin Cleckheaton, close to the Chain Bar roundabout.
New tenants include Kirklees District Council who has taken two units totalling 4,000 sq ft and designer lingerie and swim wear firm Belle Lingerie has agreed terms on a 2,260 sq ft unit.
Elsewhere, Eddisons has completed the sale of Premier House on the corner ofBradford RoadandWhitechapel Roadin Cleckheaton to a pension fund off an asking price of £595,000.
The part let property currently generates annual rent of approximately £50,000 per annum, with the potential for this to rise to £79,926 when fully let.
Eddisons managed the property throughout the receivership including negotiating the rates renewal and advising on repairs.
Richard joined Eddisons in 2003 and has been the Managing Partner since 2012, a role that sees him lead the strategic direction and development of the business under the ownership of Begbies Traynor Group plc. Richard has been instrumental in the growth of the business which has seen turnover more than double since 2008.
In addition to his role as Managing Partner, Richard continues to play a vital role with key clients, particularly in the banking sector, where he is a trusted adviser to major high street clearing banks. Over the last eight years, Richard has been appointed LPA Receiver on many high profile properties and assists in the recovery of distressed loan portfolios.
Prior to joining Eddisons, Richard worked in the real estate division of a 'Big Four' firm where his notable assignments included the privatisation of Saudi Telecom for flotation on the New York Stock Exchange.