BidX1 reveals star of bespoke auction
BidX1 and Knight Frank are handling the sale of the Princess of Wales Shopping Centre, an open-air, pedestrianised scheme in Dewsbury, West Yorkshire.
The freehold shopping centre, which comprises more than 80,000 sq ft of mixed-use space anchored by Boots and the Department for Work and Pensions, will go to auction on 30 June.
Built in 1984, the Princess of Wales centre offers a mix of mass-market and value-led operators, and a tenant line-up that includes Superdrug, Poundland, Holland & Barrett, Vodafone and The Works.
BidX1 and Knight Frank are handling the sale of the Princess of Wales Shopping Centre, an open-air, pedestrianised scheme in Dewsbury, West Yorkshire.
The freehold shopping centre, which comprises more than 80,000 sq ft of mixed-use space anchored by Boots and the Department for Work and Pensions, will go to auction on 30 June.
Built in 1984, the Princess of Wales centre offers a mix of mass-market and value-led operators, and a tenant line-up that includes Superdrug, Poundland, Holland & Barrett, Vodafone and The Works.
The scheme also benefits from 24 car parking spaces and a low service charge at £1.76 per sq. ft. It generates gross income of £647,000 annually, with a net operating income of £519,731 per annum. The scheme has a WAULT of 3.05 years to lease expiry and 1.64 years to break option.
BidX1 has listed the Princess of Wales with a guide price of £3,750,000, equating to a gross initial yield of 13.85% and a capital value of £45 per sq. ft.
Bidding is due to open at 10am on 30 June, unless the property is sold prior to the auction date.
John Connolly, the BidX1 agent handling the sale, said: “A strong mix of national covenants and local retailers – along with the potential for further asset management – makes this an exciting opportunity to acquire a vibrant community scheme in a thriving market town.”
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