Grantham shopping centre to be sold at auction in London
The George Shopping Centre in Grantham is to be sold at auction next month.
The auction will take place on May 21 at the Radisson Blu Portman Hotel in London.
Occupiers in the centre include Pizza Express, The Edinburgh Woollen Mill and Grantham College. The investment produces current rental income of £381,016 per year and is being offered for sale at the Acuitus commercial property auction with a guide price of £950,000.
The centre was acquired by international property consultants King Sturge on behalf of a pension fund client for £5.4 million.
Acuitus Director Charlie Powter said: “This is a property which has both a rich history and a very contemporary use. We are expecting strong investor interest as it offers both substantial current income and also asset management potential.”
The centre incorporates the former historic hotel of the same name which was named by Charles Dickens as ‘the very best inn on the Great North Road’. After staying in the hotel in 1838, the author included the tribute in Nicholas Nickleby. Other well-known visitors to The George included Margaret Thatcher.
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.