Wellgate Shopping Centre
Victoria Road
Dundee
DD1 2DB

City Centre Shopping Centre Investment with Car Parking

  • Substantial Shopping Centre comprising a gross area of 50,096 sq m (539,240 sq ft)
  • Tenants include B&M, Savers, Superdrug, Home Bargains, Iceland, JD Gyms, Poundland, Burger King and Secretary of State t/a Job Centre
  • 583 Space Multi-Storey Car Park
  • Asset Management Opportunities
  • Lot
    20
  • Auction
    13/Dec/2021
  • Rent
    £1,341,491 per Annum
  • Status
    Available
  • Price*
    £500,000
  • Sector
    Shopping Centre
  • Auction Venue
    Live Streamed Auction
  • On Instructions of Investment Managers
Important Update
  • Wellgate Shopping Centre, Victoria Road, Dundee, DD1 2DB
  • Expand
  • Photos
  • Map

* More information on the term "price" can be found here

Property Information

Location
Miles
13 miles north of St Andrews
65 miles north of Edinburgh
65 miles south of Aberdeen
Roads
A90, A92
Rail
Dundee Railway Station (Mainline and Scotrail)
Air
Dundee & Edinburgh Airports
Situation

Dundee is the fourth largest city in Scotland. With a population in excess of 148,000, Dundee is known for its growing technology and life science sectors in connection with the city's two universities - University of Dundee and Abertay University. The waterfront area of the city with the V&A museum is now a well established as a tourist attraction. Located only 12 miles north of St Andrews and 20 miles east of Perth, Dundee benefits from good links to various famous golf courses in Scotland. The property is situated in the prime retail pitch on the north side of Panmure Street at its junction with Murraygate. The Shopping Centre benefits from entrances on Panmure Street & Victoria Street with access to car parking via Kirk Lane. Neighbouring occupiers include Marks & Spencer, Specsavers, Caffe Nero, WH Smith and Bank of Scotland.

Tenure

Long Leasehold. Part Heritable - Majority Leasehold held for a Term of years from 01/01/1996 expiring 31/12/2094, with an Option to Extend to 31/12/2135 exercisable by either party. The head rent is 7% of the total of the rental payable under all leases & rights of occupancy/use and commercialisation income less costs (Please see the legal pack for further information). It is paid on account through the year in two instalments, and reconciled at year end.

Description

The Wellgate Shopping Centre comprises a covered scheme with pedestrian access from Panmure/Murraygate and Victoria Street together with 583 car parking spaces, accessed from Kirk Lane. The scheme is currently arranged to provide 76 units over ground, first & second floors. The total retail/ancillary accommodation is approximately 50,096 sq m (539,240 sq ft).

VAT

VAT is applicable to this lot.

Planning

The property may benefit from future redevelopment for a variety of uses, subject to all necessary consents and current tenancies. Interested Parties are referred to Dundee City Council (www.dundeecity.gov.uk)

Note

Gross Total (including mall entertainment, vending machines, car parking and advertising etc): Current actual and estimated gross income is £ 1,341,491 per annum.

EPC

Various. See Legal Pack at www.acuitus.co.uk

Tenancy & Accommodation

A Full Tenancy Schedule is available within the solicitors legal pack at www.acuitus.co.uk. Retailers include B&M, Savers,
Superdrug, Home Bargains, Iceland, JD Gyms, Poundland, Burger King and Secretary of State t/a Job Centre amongst others
Approximately 50,096 sq m (539,240 sq ft)
Income
Gross Total (including mall entertainment, vending machines, car parking and advertising etc):
Current actual and estimated gross income is £1,341,491 per annum.

If you are the successful bidder, Acuitus requires a separate payment of £1,000 inclusive of VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Due to the current restrictions in movement throughout the UK, the property may not have been inspected by Acuitus. Some photographs may not be current and these will be dated where this is the case. Plans showing nearby occupiers and mention of nearby occupiers may reflect a dated situation as some tenants are not currently in occupation. Floor areas and accommodation details are likely to have been obtained from VOA.Gov.UK and the Vendor.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    03.12.21
    File Size
    274 MB
    Login to View
  • Catalogue Page
    Updated Date
    23.11.21
    File Size
    596 KB
    View PDF
  • Site Plan
    Updated Date
    23.11.21
    File Size
    776 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
Mhairi ArchibaldMhairi Archibald +44 (0)7718 899 341 Mhairi.archibald@acuitus.co.uk
Peter MayoPeter Mayo +44 (0)20 7034 4864 +44 (0)7833 459318Peter.mayo@acuitus.co.uk
Seller's Solicitors
DLA Piper Scotland LLP Rutland Square,
Edinburgh
EH1 2AA
Thomas Carr (0)20 7034 4864 thomas.carr@dlapiper.com

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