One of the largest retail stores in Newtown town centre has been put up for sale.

Argos has traded from the 10,000ft freehold building in Back Lane for more than 20 years and looks set to remain in Newtown for at least another three years.

But the building that houses the well-known retailer could soon have a new owner after property company Singer Vielle was instructed to find a buyer who will pay £525,000 for a “well-secured, high yielding” retail investment.

The owners have accepted an offer by someone interested in buying, the agents website states.

Located in a prominent area in Newtown next door to the Bear Lanes Shopping Centre and opposite the town’s bus station and a large car park, the property currently brings in £55,000 per annum in rent.

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Singer Vielle added Argos’ decision to negotiate a five-year lease that expires on Christmas Eve 2026 “demonstrates their desire to remain in the property”. It is the only Argos store in Powys with the nearest ones being in Oswestry, Shrewsbury and Aberystwyth.

The property agents said: “Following Sainsbury’s acquisition of Argos many Argos stores have been integrated into Sainsbury’s supermarkets.

“However, Sainsbury’s does not have any stores in Newtown (either in-town or out-of-town) and the fact that the tenant has just renewed their lease indicates that the subject unit is highly regarded and there are no plans to integrate it.”

Locals will remember Sidney Heron’s furniture shop which once stood on the site, and was later redeveloped in the late 1990s to make way for the new Argos store which opened its doors in 2000. A notable discovery during the construction of Argos was a medieval corn-drying kiln in a plot near Wesley Street.