Castle Dene Shopping Centre goes under the hammer
The 235,000 sq ft centre is being auctioned by Allsop with a guide price of £4m.
Located in the centre of Peterlee in County Durham, Castle Dene has tenants such as Iceland, B&M, Boots, New Look, and Argos and brings in a gross annual income of £1.2m.
Currently vacant space is also available to let, increasing future earning potential.
There is also a car park with 779 spaces.
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.”
The auction will take place on 11 February.
