An Orange icon that has had just one owner for about 50 years is up for sale.
The Orange Arcade, including five shops fronting Summer Street, is now seeking a new owner.
Feature stores include Harris Farm Markets, Rivers, Toyworld, Scoop, Scrumptious on Summer Cafe, the Coronet Milk Bar and The Lane Cellars.
Benchmark Commercial in Orange and Colliers International in Sydney are the joint agents for the sale.
(It) has been conservatively operated by the current ownersOrange Arcade sale document
Benchmark director Nigel Staniforth said there had already been interest in the site following the decision by its Orange owner to finally sell the 3677 square metre site.
He said the site had "very, very low vacancies."
Mr Staniforth said a price had not been set. Instead expressions of interest will be sought from potential buyers by June 24.
Benchmark director/licensee David Hall said the building was likely to suit 'wealthy individuals' and smaller investment groups rather than large superannuation funds.
He said it was a rare opportunity as most commercial properties in the Orange CBD were "tightly held" by their owners.
The sale campaign's information document states the shops on Summer Street were built in the 1920s while the arcade dates from the 1970s. It states there is major potential for upgrading.
"The Orange Arcade has been conservatively operated by the current owners," the document states.
"There is significant potential for an incoming purchaser to enhance the property and drive further performance," it said.
The document said individual shops had been refurbished over the years.
"There is significant potential to update the internal common areas and building facade to improve the centre's ambiance, and therefore increase customer draw."
The site's age is clearly displayed with its large retro name on the Summer Street frontage, small orange tiles on arcade pillars and a dated interior.
The floor plan lists 46 shops within the complex, although several shops cover more than one site.
It says when fully leased the potential income from rent would be more than $1 million a year.
Harris Farms Market is the largest contributor in the complex with Rivers and 22 specialty shops.
Mr Hall said it was unlikely the complex would break a retail sales record in Orange after the sales of larger complexes.
The campaign document lists other notable retail sales including Woolworths Orange selling for $19.5 million last year.
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