Wed, 01 Dec 2021 | COMMERCIAL PROPERTY
Dundee’s Wellgate Shopping Centre is set to go up for auction later this month with a guide price of £500,000. The 50,000+ sq m shopping centre, which was built in the mid-70s, reportedly generates annual income of just over £1.34 million and comprises 76 retail units.
Current retail tenants of the shopping centre include Burger King, JD Gyms, Home Bargains, B&M, Superdrug, Savers, Iceland and Poundland. The shopping centre's 76 units are spread across the ground, first and second floors. In addition to its retail tenants, the Wellgate also features a job centre along with a 583 space multi-storey car park located on Victoria Road.
The property is being sold by commercial property consultant Acuitus, who said that the centre is “situated in the prime retail pitch on the north side of Panmure Street at its junction with Murraygate”.According to Acuitus, the Wellgate offers asset management opportunities and has the potential to benefit from future redevelopment for a range of uses, subject to necessary consents.
The auction for the Wellgate centre will be held at 1pm on December 13 and the process is set to be livestreamed on Acuitus’ website, with bidding by telephone, online and by proxy.
Mhairi Archibald of Acuitus Scotland commented: “Opportunities to buy a prime retail centre in a Scottish city are few and far between. The much-loved Wellgate Centre is one of two main shopping centres in Dundee and is ideally located in the prime retail pitch on the north side of Panmure Street at its junction with Murraygate. It’s the perfect Christmas gift for an investor ahead of the busy January sales period.”
One of the best ways to find properties below market price is to look at recent administrations.
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