The George Shopping Centre in Grantham is going under the hammer at Bond Wolfe’s next auction with bidding set to start at £1.55 million.
The Grade II listed building, dating back to the 1600s, was converted into a shopping centre in 1990. There are more than 40 retail units over the ground and first floors, as well as office suites on the first and second floors.
There are also plans for a large residential development within the centre.
It listed for sale in Bond Wolfe’s livestreamed auction on Thursday 16 May with a guide price* of £1.55 million.
Currently part-let, the property generates rental income of £205,000 per annum with the potential to generate £488,385 per annum once fully let.
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.
“Planning permission has been granted for the removal of the existing internal courtyard glazed roof and related steel structure, thus making way for a potential conversion of the upper parts and offices fronting the High Street, subject to consent.
“Planning consent was granted in September 2022 and an indicative scheme has been drawn up for a large development of apartments in addition to the existing shopping centre.
“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.”
The shopping centre also benefits from on-site parking for approximately 41 cars.
The George Centre is situated on Grantham High Street with additional frontages on Guildhall Street and Westgate, which form part of the primary retail thoroughfare in Grantham.
The centre benefits from strong pedestrian flow and retailers in close proximity include WH Smith, H Samuel, Clintons, Boots and Argos.
Grantham is a thriving East Midlands market town strategically located adjacent to the A1 and on the East Coast mainline rail service and is situated in the south Kesteven district of Lincolnshire, between Nottingham, Peterborough and Leicester.
Mr Mattin added: “Offers may be considered for the George Shopping Centre prior to the auction sale.”
The George Shopping Centre is among 208 lots that are appearing in Bond Wolfe’s next auction, which will start at 8.30am on Thursday 16 May.
