The George Shopping Centre, Guildhall Street, Grantham, Lincolnshire, NG31 6LH

A freehold part let town centre shopping centre investment with additional residential development potential (STP). Current gross income: £202,050 pa, with potential to increase to £488,385 pa once fully let

Property details

Type Investment, Retail
Tenure Freehold – Subject to the existing tenancies.
Price Guide Price: £1,550,000+ PLUS FEES
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  • For Sale by Auction ( if not sold prior)
  • Freehold part let Town Centre shopping centre investment
  • Current gross income £202,050 pa with potential to increase to £488,385 pa once fully let
  • Potential for residential development to upper floors
  • Onsite car parking
  • Freehold guide price - £1,550,000 plus

The property comprises a part Grade II listed building dating back to the 1600s, which was converted into a shopping centre in 1990.

The ground floor provides multiple retail units, with further retail and office accommodation to the first floor and additional office suites to the second floor.

The shopping centre further benefits from on-site parking for approximately 41 cars. 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 residential development in addition to the shopping centre, subject to consent.

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, approximately 25 miles (40km) east of Nottingham, 35 miles (56km) north of Peterborough and 41 miles (66km) north-east of Leicester. The town benefits from excellent transport links being situated on the A52, which provides direct access to Nottingham and the M1 Motorway.
Freehold – Subject to the existing tenancies.
Under application number S22/1760, planning consent was granted 8/9/2022 for the removal of the existing internal courtyard glazed roof and related steel structure. Further, an indicative scheme has been drawn up for a development of 45 apartments in addition to the existing shopping centre.
We are advised that VAT is applicable to the purchase price, although the sale is likely to be treated as a TOGC.
Anti Money Laundering
In accordance with anti-money laundering regulations, two forms of identity and confirmation of the source of funding will be required from the successful purchaser.