The new owner of Dundee’s Wellgate has promised to revitalise the ailing shopping centre by listening to what locals want.
Belgate Estates has confirmed it is finalising the purchase of the city centre building after months of speculation.
The firm secured the three-storey facility at auction for £1.4 million just before Christmas last year but has waited until now to announce the deal publicly.
An application to transfer the ground lease is now awaiting approval from the council before the deal is formally completed.
No information has been given on its plans for the site but the company has previously tried to turn round the fortunes of ailing centres.
The Glasgow-based firm already owns similar centres in Scotland and England, including Kirkcaldy’s Mercat Shopping Centre, which it purchased in 2021.
Belgate, headed up by property director Stuart Wilson, managed to attract a number of new tenants to the Fife town’s struggling retail attraction.
Among the new occupants was a juice bar, furniture company, florist, a beautician, mobile phone retailer and a charity store.
Belgate ‘sees confidence in Dundee city centre’
Belgate also owns The Centre in Cumbernauld, The Howgate in Falkirk, and centres in Rhyl, Wales, and Burton upon Trent, England.
A spokesperson said: “This is very much a long-term hold for Belgate Estates and our aim is to provide a clean, safe and exciting environment for the community, and we look forward to welcoming new and existing customers through our doors as we continue to see confidence returning to city centres such as Dundee.
“Belgate is keen to retain and build upon the existing anchor tenants to boost new jobs within the city, as well as increasing dwell time and footfall, which will have a positive impact on both the existing businesses and the new tenants that are attracted into the centre.
“We are eager to complete the purchase of the Wellgate and start engagement with the local community and work on bringing exciting new offers and initiatives to the city of Dundee using our unrivalled shopping centre experience.”
The spokesperson added: “We think the Wellgate is a fantastic asset with historical importance to Dundonians and it has a strong location within the heart of the city centre, which and has seen a huge amount of inward investment in recent years.”
Ambitious Wellgate plans unrealised
The Wellgate has been the subject of various ambitious plans in recent years, including proposals for an eight-screen cinema.
The offering could have been similar to the new luxury cinema on the top floor of Edinburgh’s St James Quarter.
The centre was put up for auction by Gloucestershire-based wealth management company St James’s Place, which bought the building for £31m in 2011.
The new owners are expected to work closely with Dundee City Council to try and tailor the type of shops offered to the needs of locals.
A Dundee City Council spokesperson said: “The council has a statutory duty to secure best value in all property transactions.
“However, we would not discuss any matters relating to the commercial dealings of a third party.”
The centre, which includes popular businesses JD Gyms, Burger King, Home Bargains, and B&M, has 76 retail units as well as a 583-space multi-storey car park.
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