A Stirling building which once cost £4.7 million has gone to auction with bids starting at just £289,000.
The former BHS shop at Murray Place has been empty since the retailer went into administration in 2016.
But an online auction, being held over five hours, could finally see a new future for the building.
The property is spread over five floors and stretches to more than 20,000 square feet.
Future Property Auctions is hosting the sale between 10am and 3pm on Thursday.
94% drop in value of Stirling building
Remarkably, the property is now being sold for just 6% of its previous sale price.
More than 20 years ago, in October 2004, the building sold for £4,711,000.
This value was based on an extremely long lease to BHS, which had an end date until May 2051.
The property was marketed for sale by Graham and Sibbald last summer. At the time the firm said it expected interest from the leisure sector with the potential to convert the space into a gym or food hall.
Future Property Auction said there was potential for redevelopment to create a mixed-use or hotel, subject to planning permission.
The schedule states: “The property was most recently operated by British Home Stores and is arranged with an open plan sales area at ground floor with further sales areas, restaurant and storage across the upper floors.
“The building is located in the heart of Stirling city centre, in a prominent location on Murray Place, a few paces from entrances into The Thistles Shopping Centre.
“The immediate area comprises a wide range of retail, residential and most recently, student accommodation.
“There are also extensive cafes, restaurants and hotels available within close proximity of the site.”
Buyer’s fees add to costs
The main customer entrance would be off Murray Place, with secondary access and servicing taken through the rear service yard.
There is also potential that access could be negotiated directly from The Thistles.
The brochure adds: “The former BHS unit originally connected into the Thistles Shopping Centre, however that section was leased and does not form part of this disposal.
“The Thistles created three units and access from the centre into the vacant building could therefore again be a possibility in the future, subject to negotiations/consents.
“Should an occupier be interested in securing access directly from this unit into The Thistles, this could be possible by separate negotiation with the centre owner.”
The successful bidder at the auction will have to put down a 10% deposit. The buyer’s fee is set at 3% of the sale price.
The buyer will also have to pay £2,750 towards the seller’s costs and complete the transaction within four weeks.
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