Dundee’s Wellgate Shopping centre has been sold for £1.4 million after an online auction.
Bids for the building, which opened in 1978, started at £500,000 with the Acuitus auction lasting just under 20 minutes.
It is not yet known what the unnamed new owner plans to do with the building.
Before beginning, auctioneer Richard Auterac described it as a “huge opportunity” and said many of those registering an interest had the skills and financial muscle to take on the management of the centre.
The seller was not disclosed but Mr Auterac referred to them as a “major fund manager”.
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.”
Potential revamp
The centre’s listing stated it “may benefit from future redevelopment for a variety of uses” which has sparked hopes it could be transformed by a new owner.
The Wellgate’s future has long been in question after a revamp of the Overgate Shopping Centre saw it become by far the most popular destination for city shoppers.
Most recently, plans to create a new eight-screen cinema and restaurants raised hopes of a new era but the deal sadly collapsed.
The centre, which includes popular businesses JD Gyms, Burger King, Home Bargains, and B&M, contains a total of 76 retail units as well as a 583-space multi-storey car park.
It was given a major £26 million transformation in the mid-1990s.
The drab and gloomy interior was opened up and brightened by a new skylight roof while there were big upgrades to some of the shop units.
However, it has struggled to attract big-name retailers in recent years.
