The Wellgate has 76 retail units situated across three floors and a 583-space multi-storey car park.

The identity of the investor cannot be disclosed for legal reasons, however auctioneers Acuitus said the bidding process was “prolonged and heated”.

Mhairi Archibald from Acuitus Scotland said: “After a prolonged and heated bidding process, we are delighted with the result of today’s sale, demonstrating the demand for Scottish retail in prime locations.”

Acuitus investment director, Peter Mayo, added: “Investor appetite for shopping centres with large in-town footprints continues. This asset provides current income and the potential for substantial cash flow after active asset management and repurposing.”

The centre sold for almost triple its guide price of £500,000.