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

The George Shopping Centre. Photo: John Thomson EMN-150515-134443001
The George Shopping Centre. Photo: John Thomson EMN-150515-134443001
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The manager of The George Centre in Grantham says it is business as usual after a potential buyer for the centre pulled out of the deal.

The would-be purchaser, which has not been named, had agreed to pay £2.79 million for the historic centre when it went up for auction in May.

It is disappointing the sale did not go through.

Hilary Pearce

The agreed sum soared beyond the asking price, which had been set at £950,000.

But the deal fell through about six weeks later and now plans have been drawn up to start the sale process again.

It is expected that the centre will be put up for auction again next month if a buyer cannot be found before then.

Hilary Pearce, centre manager, said: “It is disappointing the sale did not go through.

“An enormous amount of work had been put into preparing for the sale.

“But life will continue and it is business as usual for us here.

“We are actively planning and preparing for Christmas. We also have a number of letting incentives for some units.”

A spokeswoman for the centre’s managing agents, JLL, said: “We can confirm that the owner is still intending to sell The George this year.

“And it is likely that Acuitus will offer the property for sale at their next auction on October 22 unless the property is sold prior to the auction.”

The centre was acquired by international property consultants King Sturge on behalf of a pension fund client for £5.4 million about 10 years ago.

The George Centre stands on the site of the old George Hotel, which was once an impressive hostelry that was built in 1780. The centre still retains many of the hotel’s best features.

The 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.