Acting on behalf of London + Regional Properties, J&E Shepherd Chartered Surveyors has sold the lower floors of the former Debenhams department store in Dundee city centre to local property and estate management company LP Riddoch for an undisclosed price believed to be in the order of £5 million.
The property, which occupies practically the entire west side of Whitehall Street, opposite Overgate Shopping Centre, extends to seven units, the majority of which are presently let to various retail and restaurant tenants.
Gerry McCluskey, partner at J&E Shepherd’s Dundee office, said, “LP Riddoch has purchased the property as an income producing investment with a view to improving the value of the asset by letting the existing vacant space. A particularly pleasing aspect of this deal is the fact that it brings a significant city centre property from a large London-based property company under the ownership and control of a forward-thinking local company.
“Following in the wake of two other sales of investment properties to local companies with which I’ve already concluded this month, this latest deal provides compelling evidence that local companies remain confident in Dundee’s commercial property market.”
Extensively refurbished in 2001, the building, which dates from 1884, is an imposing, Category B Listed, stone and slate structure which has been extended to the rear. Existing tenants include Willows; Jimmy Chung’s; Sharps Bedrooms and William Hill Bookmakers, whilst missives are currently being adjusted to lease one of the vacant units.
J&E Shepherd, one of Scotland’s leading firms of chartered surveyors, valuers, property agents and managers, has been established for over 125 years and operates from a network of 28 offices throughout Scotland and over 75 locations throughout England and Wales. The firm offers a multi disciplinary property service to include valuation, sales and lettings, building surveying, rent reviews, development and investment consultancy, rating and property management.
For further information please contact Gerry McCluskey on tel 01382 878005