London, 14th June 2022 – BidX1 and Knight Frank have been appointed to handle the sale of the Princess of Wales Shopping Centre, a dominant open-air, pedestrianised scheme in the heart of Dewsbury, West Yorkshire.
The online auction specialist will offer the freehold shopping centre, which comprises over 80,000 sq. ft of mixed-use accommodation anchored by Boots and the Department of Work & Pensions, at a bespoke auction on 30th June.
Constructed in 1984, the Princess of Wales is arranged principally at ground-floor level, on a site extending to 1.01 hectares (2.5 acres). The centre offers a robust 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 £3,750,000, 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 30th June, 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.”
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About BidX1
BidX1 is Europe’s leading digital property investment platform. The PropTech company has built a digital platform which connects users across the globe with property investment opportunities in five markets and enables them to complete the entire transaction online using proprietary technology. Established in Ireland in 2011, BidX1 is the market leader in online property transactions; the company has sold more than 14,000 properties to date, raising over €2.8 billion. More than 36,000 bids were placed through the BidX1 platform last year, with buyers from over 60 countries to date.
BidX1 was recognised as a ‘Best Managed Company’ by Deloitte in 2021 and has received numerous other awards, including an Irish Times Innovation Award in 2018 and a KPMG Property Industry Excellence Award in 2019. For more information, visit www.bidx1.com.
For further information, contact:
Nicole Pomeroy, Chief Marketing Officer, BidX1
+353 (0)86 130 0717
