BidX1 and Knight Frank have been appointed to handle the sale of the Princess of Wales Shopping Centre, an open-air, pedestrianised scheme in the heart of Dewsbury, West Yorkshire.
The online auction specialist will offer the freehold shopping centre, which comprises over 80,000sq ft of mixed-use accommodation anchored by Boots and the Department of Work & Pensions, at a bespoke auction on June 30.
Constructed in 1984, the Princess of Wales is arranged principally at ground-floor level, on a site extending to 2.5 acres. The centre offers a mix of mass-market and value-led operators, with 76% of the occupational area secured against national multiples, and a tenant line-up that includes Superdrug, Poundland, Holland & Barrett, Vodafone and The Works, in addition to its anchor tenancies.
The scheme also benefits from 24 car parking spaces and a low service charge at £1.76 per sq ft
The Princess of Wales 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 £3.75m, 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 Thursday June 30, unless the property is sold prior to the auction date.
John Connolly, the BidX1 agent handling the sale, commented: “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.”
