The Wellgate Shopping Centre in Dundee has been sold at today’s Acuitus auction to a private investor for £1.4m, almost triple its guide price of £500,000.
The shopping centre with 583 space multi-storey car park on Victoria Road comprises a gross area of 50,096 sqm and is let to tenants including B&M, Superdrug, Home Bargains, JD Gyms, Poundland, and Burger King.
READ MORE: Shopping centre up for auction at £500,000
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, said: “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.”
Acuitus said it is unable to disclose the identity of the buyer "due to legal restrictions".
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