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Shock in store over swollen property prices

The Postings shopping centre in Kirkcaldy sold for just £310,000 last week 

‘If we can’t do any better, we’re going to sell it to the gentleman for £10,” the auctioneer muttered to an almost empty room at The Berkeley hotel. On the block was The Postings shopping centre in Kirkcaldy, Fife, with a starting price of just £1. After 10 minutes, The Postings was sold to a mystery telephone bidder for £310,000, still less than the average London flat.

In the Eighties, the centre, which cost £4.3m to build, opened with much fanfare. But after Tesco pulled out four years ago it went into terminal decline and 17 out of 21 retail tenants deserted the site. The 

cut-price sale has been seen by many as a symbol of how irrelevant dated shopping centres are at a time when customers…

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