By Ian McConnell

DUNDEE’S Wellgate shopping centre is to be sold at auction next month with a guide price of £500,000.

The shopping centre, which has a 583-space, multi-storey car park, has 76 retail units over ground, first and second floors and generates a current gross annual income of £1,341,000.

It has a gross area of 50,096 square metres and is let to tenants including B&M, Superdrug, Home Bargains, JD Gyms, Poundland, and Burger King.

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Mhairi Archibald, of commercial property auctioneer Acuitus, 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.”

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The centre was built in the mid-1970s, and named after the thoroughfare it replaced. Acuitus noted the “gate” in “Wellgate” comes from the Old Norse word “gata”, meaning road or street. The street was referred to as Wellgate because it led to a well at the foot of the Hilltown.

The auction will take place on December 13, with bidding online, by telephone and by proxy.