DUNDEE’S Wellgate Shopping Centre has been sold at yesterday’s Acuitus auction to a private investor for £1.4m, almost triple its guide price of £500,000.
The substantial shopping centre with 583 space multi-storey car park on Victoria Road comprises a gross area of 50,096 sq m and is let to tenants including B&M, Superdrug, Home Bargains, JD Gyms, Poundland, and Burger King. It provides 76 retail units over ground, first and second floors and generates a current gross annual income of £1,341,000.
Mhairi Archibald, Consultant at Acuitus Scotland, commented: “After a prolonged and heated bidding process, we are delighted with the result of today’s sale, demonstrating the demand for Scottish retail in prime locations.”
Due to legal restrictions, Acuitus are unable to disclose the identity of the buyer.
The next Acuitus commercial property auction takes place on Thursday February 17th.
