George Shopping Centre in Grantham on the market for fourth time in 10 years with guide price of £1.55 million
A shopping centre housed in a Grade II listed building is on the market for the fourth time in 10 years.
The George Shopping Centre, in Grantham’s High Street, is going under the hammer in an online auction led by Bond Wolfe on Thursday, May 16, with a guide price of £1.55 million.
The Grade II listed building, which dates back to the 1600s, was converted into a shopping centre in the 1990s and includes 40 retail units over two floors, six office suites, a storage unit and car parking for 41 vehicles.
James Mattin, auctioneer and managing director at Bond Wolfe, said: “We are delighted to be able to offer this property for sale at auction and are sure its huge potential will generate considerable interest from investors and developers from across the UK and overseas.
“This attractive and historic shopping centre investment, with its additional residential development potential, is sure to prove an attractive draw for a wide range of bidders.”
In 2022, plans were approved by South Kesteven District Council to remove the building’s glazed roof from the internal courtyard to make way for potential flats over the existing shopping centre.
Crystal Investment Group, who initially submitted the plans, told LincsOnline in 2022 that the approval would “bring the centre into the 21st century” and increase its “future lifespan”.
This is the fourth time the centre has been put on the market in 10 years, with the most recent sale taking place in 2020 where it sold for just over £1 million.
The other sales took place in 2017, where it also sold for just over £1 million, October 2015 where it sold for £1.9 million and in May that same year where it sold for £2.79 million.
Currently part-let, the centre generates an annual rental income of £205,000, with the potential to generate £488,385 per year when fully let.
Alongside fronting the High Street, the centre also has entrances from Guildhall Street and Westgate.
Bids for the building may be considered before the auction goes live.
The auction begins at 8.30am on May 16.
What do you think of the shopping centre going up for sale? Let us know in the comments.
