Wellgate Shopping Center in Dundee has sold at auction for almost three times its asking price from an yet to be disclosed buyer.
Earlier this month, we announced that the center was going to go under hammer with a guide price of just Â£ 500,000.
However, the monument sold for almost three times that amount at Â£ 1.4million, more than the center brings in on average in a year.
The Wellgate was sold by online auction house Acuitus, which teased that the center could benefit from “future redevelopment for a variety of uses.”
Its new owner has also taken over the center’s 586-space car park, giving it 50,000 square meters of development space to play.
In the past, plans have been made to introduce a cinema at Wellgate to improve the declining number of visitors.
The center was once a hub of commercial activity, but changing market demands and the popularity of the revamped and competing Overgate brought Wellgate to the wayside.
In recent months, it has also lost its flagship TJ Hughes, which opened in the centre’s former BHS unit in 2018, as well as a McDonalds that closed in 2019.
However, the center has seen some success with its Xercise4Less gymnasium, which was renamed JD Gym after the coaching giant took over the leases from X4L when the company was placed under administration.
On average, the center reports an annual income of around Â£ 1.3million.
Mhairi Archibald, consultant at Acuitus Scotland, said of the deal: âAfter a lengthy and stormy tendering process, we are delighted with the outcome of today’s sale, demonstrating the demand for trade. Scottish retail in prime locations.
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