The Postings Shopping Centre in Kirkcaldy has been put up for sale with a price tag of just £1.
The owners have sent it to auction with a nominal fee in a bid to get rid of it.
The centre, which opened in 1981, has seen footfall slump since Tesco shut its store three years ago.
Now investment company, Columbia Threadneedle, is putting it up for auction, with the possibility any new buyer may flatten it and develop a prime part of land in the heart of the town centre.
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Auctioneers, Allsopp, have set February 15 as a completion date for the sale for the 80,000 sq ft cent built at the height of demand for retail space when Kirkcaldy’s town centre was considered the jewel in Fife’s crown.
In a statement, Columbia Threadneedle said: “We acquired the Postings more than 15 years ago as an income proposition, and it has since been re-positioned as a development opportunity, which does not fit the holding fund’s investment strategy.
“The reserve price of £1 is generating significant attention and we expect to get a considerable amount at the auction.”
The Postings has just a handful of tenants left, with the closure of Tesco having a profound impact on business.
Its rooftop carpark, once one of the busiest in town, has witnessed a huge drop in usage, but the centre remains home to a pharmacy, Farmfoods, a baker’s shop, and acharity as well as a cafe at the entrance at the bus station.
The £1 pricetag underlines how times have changed in the High Street – and hoW Kirkcaldy, in particular, continues to struggle to turn things round.
When it opened in 1981, The Postings was set to be a shopping mecca which would atrract visitors and investment.
It was built at a cost of £4.2m with 17 units, and William Low as its main anchor store.
The auction of the Postings is the latest blow to the town’s High Street in 2019 with M&S set to close, and the doors closed at long-established businesses, ACA Sports and the Pancake Place.