'Unique opportunity': County Durham shopping centre with Iceland, B&M and Argos auctioned for £4m
A County Durham shopping centre, which includes an Iceland, B&M and Argos, is being auctioned with a guide price of £4m.
The Castle Dene Shopping Centre, located in the heart of Peterlee, is being auctioned by Allsop on 11 February. The property - lot 33 - spans 234,687 sq ft with an additional 779 car parking spaces. Other tenants include Boots and New Look.
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The successful buyer will benefit from a gross annual income of more than £1.2m, with the opportunity to increase this through letting the currently vacant space.
Jonathan Wright, the auctioneer responsible for selling the property from Allsop, said: "This is a unique opportunity to buy property that is at the heart of the town centre. The scheme benefits from being anchored by a number of destination retailers, while also providing plenty of scope for improvement.
“Whether it is providing space for community uses or repurposing parts of the site for alternative uses such as new homes, it provides the buyer with an exciting opportunity to engage with the local community and help shape the future of the town itself."