The Wellgate Shopping Centre in Dundee is set to be sold off at auction next month.
The building, which was built in the mid-1970s, will go under the hammer with a guide price of £500,000.
The centre is being sold with its 76 retail units and its 583-space multi-storey car park.
Although being marketed as a “prime retail centre”, the auction listing says that the building “may benefit from future redevelopment for a variety of uses” – raising the prospect that a buyer may look to move away from its use as a shopping hub.
The centre has suffered a number of blows in recent years with major retailers withdrawing their presence, including TJ Hughes department store at the end of lockdown.
It was previously the subject of plans for a cinema and restaurants, but so far those proposals have failed to come to fruition.
The centre still has a number of household names including B&M, Superdrug, Home Bargains, JD Gyms, Poundland, and Burger King – and generates a gross annual income of £1,341,000.
Mhairi Archibald of auctioneer Acuitus says the site could be the “perfect Christmas gift” for investors.
She said: “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.”
The action takes place at 1pm on December 13 and will be live-streamed on the Acuitus website with bids accepted online, by phone and by proxy.
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