A MAJOR shopping hub in a Scottish city has seen its value plummet, being floated on the market for just £2.5 million.
The St John's Centre in Perth was last sold in 2011 for more than £31m, having been built in 1988 at a cost of £20m.
Now, The Courier reports that the centre, which is still home to huge brands like Primark, JD Sports and Waterstones, has been brought to market by estate agent Savills for offers over £2.5m, exclusive of VAT.
The agent has said the city's shopping market remains "robust", advertising the property as an investment into a "well-established" shopping hub.
Of the site's 40 units, 12 are currently vacant, but the wider city remains a popular shopping location, serving much of the surrounding area.
According to Savills total retail spend in the city reaches £1.1bn a year, aided the surrounding population and around 2.3m tourists who visit the city each year.
The agent also claims the 142,486 sq ft centre generates rent of £1,172,282 a year.
“St John’s Shopping Centre is the dominant retail hub in the area, benefitting both Perth and the wider catchment, north and south,” the estate agent's brochure reads.
It continues: “The shopping centre benefits from high street frontage on all four sides including the High Street, Perth’s main retailing thoroughfare.
“The centre also benefits from a strong provision of car parking in the nearby area which broadens the visitor catchment.
“Perth’s high street shopping market remains robust with the population of the city and surrounding areas reliant on Perth for their convenience and comparison goods shopping.”
In 2011 the centre was bought by the Universities Superannuation Scheme from BAE System Pension Funds, after previously it was purchased from a fund owned by the Duke of Westminster in 2002.
Plans emerged in 2024 to demolish parts of the shopping hub to redevelop the city centre, but these have not materialised.
