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

Part Let Town Centre Shopping Centre Investment with additional residential development potential ( STP) in Grantham, Lincs.

Guide price*

£1,550,000+

Plus fees

Withdrawn

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Lot 133 Commercial Investment
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Auction details:

Thursday 16th May 2024 @ 08:30AM

A Freehold Part Let Town Centre Shopping Centre Investment with additional residential development potential ( STP) Current Gross Income: £205,000 pa, with potential to increase to £488,385 pa once fully let .

Property Description

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 conversion of the upper parts and offices fronting the High Street, subject to consent.

Location

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.

Tenure

Freehold – Subject to the existing tenancies.

Planning

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 large development of apartments in addition to the existing shopping centre.

Value Added Tax

We are advised that VAT is applicable to the purchase price, although the sale is likely to be treated as a TOGC.

Auctioneer's Note

Please note offers may be considered prior to the Auction Sale.

Viewings

External viewings only.

Tenancy Details

Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7
UNIT SQ.FT (SQ.M.) TENANT RENTAL PA. TENANCY START DATE TENANCY EXPIRY DATE COMMENTS
1 4,874 (452.80) Katana (Grantham) Ltd £18,000 19/012018 24/12/2032 -
2 1,494 (138.79) Vacant - - - -
3 1,086 (100.89) Creeperhost Ltd £6,000 23/06/2023 22/06/2030 Year 5 rent increase to £6,500.
4 961 (89.27) Vacant - - - -
5 624 (57.97) Vacant - - - -
6 1,400 (130.06) Vacant - - - -
7 2,100 (195.9) Lunettes Opticians £16,500 15/05/2023 14/05/2033 Next Break 14/05/2028
8 1,780 (165.36) Dipendra Khati £8,400 15/01/2024 14/01/2029 Tenant can exercise break clause with 6 months notice. Next Break 15/01/2028
9 1,137 (105.63) Mr Ousman Secka t/a Klug Cosmetics £9,500 24/10/2022 23/10/2025 Rent review 22/10/2025
10 & 11 1,284 (119.28) Dan Powell t/a Gambit 73 £8,000 01/05/2024 30/04/2029 Next Break 02/05/2026
12 333 (30.93) Raj Kaur t/a R&R Threading £3,000 14/10/2020 Holding Over.
13 1,406 (130.62) The Serenity Care Company Ltd £6,500 07/02/2024 06/02/2029 Rent review 07/02/2027
14 & 14a 4,566 (424.19) Mrs Namrata Devkota £15,000 15/12/2023 14/12/2030 Next break 15/12/2026 - Rent review 15/12/2027
15 230 (21.36) Vacant - - - -
16 795 (73.85) Alexander Kent Interiors £5,200 06/08/2023 05/08/2024 1 year License
17 830 (77.10) Vacant
18 & 19 3,006 (279.26) True Tiles and Bathrooms Ltd £16.500 01/10/2021 30/09/2024 Tenant not in occupation
20 574 (53.32) Thi Hieu Vo t/a Glamour Nail Bar £8,600 28/04/2025
21 & 22 1,474 (136.93) Job 2 Ltd £10,500 16/08/2021 15/08/2022 Holding over.
23 855 (79.43) Vacant - - - -
24 489 (45.42) Vacant - - - -
25 748 (69.49) Vacant - - - -
26 1,939 (180.13) iVision Developments t/a Oh My Sugar Pie! £12,000 29/10/2022 28/10/2029 Break Clause on the third anniversary.
27 2,749 (255.39) L&P Bars Ltd £14,000 05/08/2022 04/08/2028 Next break 29/07/2025 - Rent Review 05/08/2027
28, 41 & 42 4,719 (438.40) Vacant - - - -
29 849 (78.87) Vantage Housing Group 15/03/2021 14/03/2024 Holding over.
30 545 (50.63) Vacant - - - -
31 & 32 1,037 (96.34) Vacant - - - -
33, 34 & 35 4,688 (435.52) Vacant - - - -
36 416 (38.64) Correct Hearing Ltd £3,000 31/07/2024 -
37 599 (55.64) Tropicana Tan (Grantham) Ltd £5,850 22/12/2024 -
38 787 (73.11) Vacant - - - -
39 787 (73.11) Pearson Professional Assessments Ltd £8,750 14/10/2019 Holding over.
40 1,034 (96.06) Vacant - - - -
Office Suite 1 2,217 (205.96) Vacant - - - -
Office Suite 2 1,836 (170.57) Vacant - - - -
Office Suite 3 355 (32.98) Vacant - - - -
Office Suite 4 228 (21.18) Carl Atkins £1,750 01/06/2022 01/06/2023 -
Office Suite 5 238 (22.11) Vacant - - - -
Office Suite 6 425 (39.48) Vacant - - - -
Store Room 109 434 (40.31) Creeperhost Ltd £3,725 28/02/2026 -
Car Parking - Various £11,775 - - 41 Car parking spaces of which 27 are let. Let parking spaces are either holding over or on 1 year License.
Total: £202,050
DISCLAIMER

Bond Wolfe or their Agents for the seller of these Lots give notification that any particulars contained within the catalogue/website are prepared to the best of their knowledge and include information that has been provided to them. Plans, photographs and room measurements (provided via a 3rd party) are provided as guidance only and should not be relied upon. All potential buyers should make their own enquiries and investigations to the accuracy of the information contained in these particulars or to obtain further information that is not provided which they deem to be important prior to bidding. Any amendments to the particulars that Bond Wolfe are aware of will be published on the addendum, which is available within the lot information.

LIVE-STREAMED AUCTION

Please note that the Auction will be livestreamed via our website.  You can take part remotely via Proxy, Telephone or Online, if you wish to bid you must pre-register via our website no later than 3pm the day prior to the auction. Please click here for further details.

*DEFINITION OF GUIDE & RESERVE PRICE

All properties are sold subject to a reserve price, which is the minimum price the seller is willing to accept and is confidential between the seller and Auctioneer. The guide price is only an indication as to where the reserve is currently set and not necessarily the Auctioneers expectation of what it will sell for. If the guide price is a bracket figure, then the reserve price cannot be higher than the top end of the guide price, if the guide price is a fixed figure, then the reserve cannot be more than 10% above the guide price. The guide price and reserve price can be subject to change at any time up to and including the auction day and, properties can often sell for substantially more than the quoted guide price.

COSTS AT AUCTION

When buying at auction you will unconditionally exchange contracts on the fall of the auctioneer’s gavel, please therefore ensure you have read the legal pack for each property prior to bidding.  They are all individual and include the terms and conditions of your purchase as well as any costs in addition to the purchase price.

The sale of each lot is subject to an administration fee of £1,920 inc VAT (£1,600.00 + VAT) (unless otherwise stated in the important information), payable on the fall of the gavel/at the end of the online auction.  Please note that the administration fee for the Local Authority lots may differ and all interested parties should enquire directly with the Auctioneers as to the fee applicable.

Any additional costs excluding the administration fee will be listed in the Special Conditions within the legal pack and these costs will be payable on completion. The legal pack has been prepared by the seller’s solicitor(s), who are responsible for its contents and disclosing all know information. It is available to download free of charge under the ‘lot information’, and you take responsibility for reading and understanding the legal pack and are bound by all the contents. Any stamp duty and/or government taxes are not included within the Special Conditions within the legal pack and all potential buyers must make their own investigations.

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