The Wellgate Shopping Centre in Dundee has been sold at auction to a private investor for £1.4m, almost triple its guide price of £500,000.
The property was listed at auction earlier in December and has now been sold, but due to legal restrictions the buyer's identity is unable to be disclosed.
The centre sold for more at auction than it generates in a year.
It comes with a 583 space multi-storey car park on Victoria Road, comprising a gross area of 50,096 sq m.
It has 76 retail units on the ground, first and second floors. The centre generates £1,341 per year.
Its current tenants include B&M, Superdrug, Home Bargains, JD Gyms, Poundland and Burger King.
The Wellgate was sold by online auction house Acuitus, which teased that the centre could benefit from "future redevelopment for a variety of uses".
The shopping centre also includes a job centre. It was described as an opportunity for asset management companies by the sellers at the time.
It was constructed in the mid-1970s and was named after the thoroughfare it replaced. It follows the traffic flow of the original Wellgate, which became a street which ended at the junction of the Murraygate and Panmure Street.
Mhairi Archibald, consultant at Acuitus Scotland, commented: “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.”
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