Five retail units in George Shopping Centre in Grantham to go up for auction
Five retail units in a shopping centre are to go under the hammer.
The units, all based in the George Shopping Centre in Grantham, will be auctioned off by Auction House London, in Hampstead, on Wednesday, September 11 at 9.30am.
The units are up for auction are:
• 1 George Shopping Centre for a guide price of £180,000 or more - this unit houses Katana Japanese Restaurant that opened in 2018. The unit is under lease until December 24, 2032, and produces a rent of £18,000 per year.
• 8 and 9 George Shopping Centre for a guide price of £170,000 or more - these units house Cafe Nirvana and Klug Hair Lounge. Cafe Nirvana (unit 8) has a five-year lease, which began on January 15, producing a rent of £8,400 per year. Klug Hair Lounge has a three-year lease, which began on October 24, 2022, producing a rent of £9,500 per year.
• 14 and 14A George Shopping Centre for a guide price of £170,000 or more - the unit has a seven-year lease, which began on December 15, 2023, producing rent of £15,000 per year. This will rise to £20,000 per year in 2026.
• 18 and 19 George Centre for a guide price of £120,000 or more - this is a vacant retail unit.
• 27 George Shopping Centre for a guide price of £130,000 or more - this unit houses Oscar’s Wine Bar. The unit has a six-year lease, which started on August 5, 2022, producing rent of £14,000 per year.
The George Shopping Centre was due to be up for auction for £1.55 million in May, however it was pulled when the vendor took it off the market.
That occasion was the fourth time the centre was up for sale in 10 years, having previously being up for sale in 2020 for £1 million, in 2017 for just over £1 million, in October 2015 for £1.9 million and in May that same year for £2.79 million.
In 2022, plans were also approved by South Kesteven District Council to remove the building’s glazed roof to make way for potential flats.
The building, which is Grade II listed, dates back to the 1600s.
It was converted into a shopping centre in the 1990s, with 40 retail units over two floors, six office suites, a storage unit and car parking for 41 vehicles/
