Grantham shopping centre sold at auction

The George Shopping Centre in Grantham has been sold at auction for £1,010,000 million.

The centre went under the hammer on Friday at SDL Auctions with a guide price of £950,000, just three years after being sold.

The auction was conducted by Andrew Parker, managing director and auctioneer of SDL Property Auctions and auctioneer Graham Penny and was a closely fought contest between three bidders.

The identity of the new buyers has not yet been released.

According to the auction brochure the centre has 40 retail units, six office unit suites, one storage unit and 41 car parking spaces.

The Grade II listed building, located in the High Street, has been left half-empty for the past few years and has seen the departure of several businesses this year including The Juice-e-Vaporium and Portuguese restaurant Sabor Luistano, blaming a lack of investment and effective management from previous owners.

The 18th Century George Hotel closed in 1989 and the building was extended as a shopping centre with 23 shops on the ground floor together with shops and offices on the first and second floors.