Wellgate shopping centre in Dundee sold at auction for £1.4m

The shopping mall was sold to a private investor on Monday for almost triple its guide price.

Wellgate shopping centre in Dundee sold at auction for £1.4m Email
Auction: Wellgate shopping centre sells for £1.4m.

A shopping mall in Dundee has been sold at auction for £1.4m.

On Monday, the Wellgate Shopping Centre was sold to a private investor for almost triple its guide price of £500,000.

The shopping centre, which sits on Victoria Road in the city, has 76 retail units situated across three floors and a 583-space multi-storey car park.

The investor’s identity cannot be disclosed for legal reasons, however auctioneers Acuitus said the bidding process was “prolonged and heated”. 

Mhairi Archibald from 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.”