Falkirk's Howgate shopping centre sells at auction

The Howgate shopping centre has been sold at auction today.

Wednesday, 18th May 2022, 5:12 pm
Updated Monday, 23rd May 2022, 6:12 pm

There was a flurry of bids for the 185,000 sq ft centre from those eager to secure it at the Acuitus auction with people making their offers by telephone and online.

With a starting price of £500,000 bids quickly reached £1 million and minutes later had been secured by a mystery buyer for £2.32 million.

The centre, comprising 56 units, has a current annual gross rental income of just over £1 million from occupiers including Boots, JD Sports, River Island, New Look and Wilko.

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The Howgate Shopping Centre has been sold at auction

The centre opened in 1990 with the original tenants Boots, Woolworths and Argos.

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Prior to the auction, Mhairi Archibald of Acuitus said the Howgate was “a good example of the type of shopping centre which is attracting entrepreneurial investors”.

However, until the buyer – only referred to as Mr S during the auction - comes forward and reveals his plans there is still some uncertainty over its future.