A SIX figure deal has been agreed for a property in Bolton town centre.

The three-storey retail and office building, known as Moorland House, has been sold for £625,000 to a Chinese investor in the midst of an ambitious council regeneration project .

The purchase follows Bolton Council’s announcement of a £1bn regeneration masterplan, welcoming several major developments in the coming months.

Prominently positioned on Knowsley Street, opposite The Market Place Shopping Centre, the red brick retail building currently offers a mix of large open plan showrooms with individual retail units and office suites.

The building occupies a huge space on the high street, taking up 15,625 square feet.

As a well-established shopping destination, the property has brought in tenants including Brand Interiors, Wed2b, Hidden Hearing, Optical Express and Box Power.

The Bolton News understands that the shops inside will stay on as before and will be managed by the new owners.

Paul Dobson, property director of Millfield Estates, said: “As a Bolton-based firm, Moorland House has been a central feature of Millfield Estates’ portfolio for almost thirty years but we felt the time was right to pass on this prestigious building.

“The new owners will be able to build on its strong heritage within the exciting local authority-driven plans for the town and we wish them well.

“We are always looking for new opportunities to expand our portfolio and we intend to reinvest the funds released from the sale into new projects of our own.”

A representative of the investor said: “It is clear that Bolton’s town centre will massively benefit from all of the redevelopment plans coming up, so we thought this would be the perfect time to invest.

“This acquisition is one of our first commercial ventures in Bolton and the team at Millfield Estates have made the transaction seamless.

“We look forward to working with all of the established tenants at Moorland House.”

The Bolton-based property investors Millfield Estates sold the town centre building.

The Moorland House property was the last remaining retail space in the town centre on the investors’ books.

Millfield Estates retains a further five Bolton properties as well as properties across the UK.