Sale price rises for Grantham shopping centre as it goes up for auction for second time this year

The George Centre, in Grantham
The George Centre, in Grantham
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Grantham shopping arcade, The George Centre, is poised to go under the hammer for the second time this year - but its sale price has soared.

The 23-unit centre in High Street now has a guide price of £1,250,000 - up from the £950,000 sale price when it was first sent to auction six months ago.

However, the sale price is still considerably less than the £2.79 million offered for the centre at the first auction in May by the would-be buyers who later pulled out.

The centre, which is home to retailers such as Pizza Express, The Edinburgh Woollen Mill and the Teaspoon Tea Company, is listed as lot 30 on the catalogue of auctioneers Acuitus.

The auction will take place on October 22 in London.

A spokesman for Acuitus said the centre had attracted an enormous amount of interest at its first auction in May and was likely to do so again next week.

He said there been interest in the centre at the first auction from representatives of businesses in Grantham and from other parts of the UK.

He added that it was unusual for a sale not to be completed after the premises had been secured through the bidding process.

The three storey centre, parts of which are Grade II listed, stands on the site of the old George Hotel built in 1780. It has retail and office units on the first floor and additional office accommodation on the second floor. There is tenant car parking for about 41 cars.

The centre is being sold by the pension fund, the identity of which has never been revealed, which has owned the premises for nearly a decade after buying it through international property consultants King Sturge for £5.4 million.

Related:

Business as usual for Grantham’s The George Centre after buyer pulls out