BidX1 and Knight Frank have been appointed to handle the sale of the open-air, pedestrianised site in the centre of Dewsbury.
The online auction specialist will offer the freehold shopping centre, which comprises more than 80,000 sq ft of mixed-use accommodation, anchored by Boots and the Department of Work and Pensions, at a bespoke auction on June 30.
Constructed in 1984, the Princess of Wales shopping centre is arranged principally at ground-floor level, on a site extending to 1.01 hectares (2.5 acres).
The centre offers a mix of mass-market and value-led operators, with 76 per cent 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.
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.”
The Princess of Wales shopping centre 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 shopping centre with a guide price of £3,750,000, equating to a gross initial yield of 13.85 per cent 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.