The building was meant to bring more than 100 jobs to Angus and an investment of £5 million.
But less than a year later the partly constructed factory was being valued based on the scrap price of its steel frame.
In September Dawnfresh Seafoods announced plans to close its factory near Uddingston and expand its Arbroath operation.
It acquired the building next door to its site at Kirkton Industrial Estate and planned to invest £5m.
At the time managing director Raleigh Salvesen said the move to one production site would bring 150 new jobs to Angus.
Work began on the former Permiax building, but just six months later, loss-making Dawnfresh entered administration.
The Angus workforce of around 250 was saved as administrators sold the Arbroath operation to Lossie Seafoods, a subsidiary of Associated Seafoods.
However, the second building was not part of the deal.
Bidding war for Angus building
Administrators instructed SVA Property Auctions to sell this building as it continues to raise funds for the company’s creditors.
The 2,539 square metre building, on a 2.1 acre site, was the subject of a bidding war.
It sold for £296,000 – around five times its guide price.
Shaun Vigers, SVA director and auctioneer, said: “The lot, with clear redevelopment potential, sold after very competitive bidding in the latter stages of the sale.
“It was an interesting lot, attracting a variety of potential buyers, including someone looking to invest in the property purely for the value of the substantial steel frame.
“However, we believe the successful bidder is likely to use the property for industrial storage.”
Need for investment
The auction brochure warns “significant capital spending” will be required to bring the building into beneficial use.
But it said there were “useful areas of ground all within a good-sized site”.
The building has a concrete floor with a new drainage system and a “part new and part original” pitched roof.
All 14 lots sold at the property auction but Mr Vigers said there are signs the commercial market is cooling.
He adds: “We did notice this month that people are perhaps pausing to draw breathe a little.
“We have seen a bit more restraint for the more completely speculative opportunities.
“Properties ripe for an obvious redevelopment continue to command good prices.”