Although shopping centres remain popular investment choices, the gradually dwindling supply in the UK has seen the number of true bargains on the market drop noticeably in the past two years.
However, those keen to add a retail asset to their portfolios may be interested to learn that one of Grantham’s top shopping centres will soon be sold at auction.
The George Shopping Centre will be auctioned on the 21st of May at the Acuitus commercial property auction, held at the Radisson Blu Portman Hotel in London, and currently has a guide price of £950,000 to reflect a number of upgrades which could be made to boost profits. At present, the property produces an annual rental income of £381,016 per annum and boasts tenants including The Edinburgh Woollen Mill, Pizza Express and Grantham College.
In total, the centre offers 23 ground floor retail units with several other flexible spaces – currently used for retail purposes – on the first and second floors. There are also a number of office units on these floors, which could prove highly advantageous both from an asset management point of view and for firms seeking to capitalise upon the currently low supply of Grade A office space in numerous locations throughout the UK.
Yet while the property is now a shopping centre, it was once an iconic hotel of the same name which gained a passing mention in Charles Dickens’ “Nicholas Nickleby” in which it was described by the author as ‘the very best inn on the Great North Road’.
The hotel itself closed in 1989 and there has been little development work conducted, indicating that the property could well benefit from a thorough modernisation and refurbishment programme.
Charlie Powter, director of Acuitus, believes that the property will prove extremely popular with attendees of the auction.
He says; “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.”
Story: Kirsten Kennedy
Photo: Bigstock
