finance

Dundee’s Wellgate Shopping Centre to be sold at auction for £500,000



The Wellgate Shopping Centre in Dundee has been put on sale to be sold at auction in December at a guide price of £500,000.

The shopping centre comes with a 583 space multi-storey car park on Victoria Road comprising a gross area of 50,096 sq m.

It has 76 retail units on the ground, first and second floors. The centre generates £1,341,491 per year. It’s current tenants include B&M, Superdrug, Home Bargains, JD Gyms, Poundland, and Burger King.

The shopping centre also includes a job centre. It has been described as an opportunity for asset management companies by the sellers.

It has been listed on Acuitus and the auction will take place at 1pm on December 13 and will be broadcast via livestream on its website with bidding online, by telephone and by proxy.

The centre was constructed in the mid-1970s and was named after the thoroughfare it replaced. It follows the traffic flow of the original Wellgate, which became a street which ended at the junction of the Murraygate and Panmure Street.

Mhairi Archibald of Acuitus comments: “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.”

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