fbpx

Commercial Development in Grantham

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

Lot no: 85 Property type: Commercial Development Auction type: Unconditional with Fixed FeeWhere exchange occurs immediately on the fall of the gavel. The successful bidder will be legally obliged to exchange contracts, pay a 10% deposit (subject to a minimum of £5,000) together with the buyers fee of £1074 and complete within a set time period.

Guide Price* £950,000+plus fees Result Sold at Auction £1,010,000



A substantial shopping centre situated in the heart of Grantham town centre.

Property Description

The property comprises of a part Grade II listed building now offered as a covered shopping centre with further retail and office space, offering a combined area of 58,000 sq.ft.

A total of 40 Retail Units
6 Office Suites
1 Storage Unit
41 Car Parking Spaces
Lot Information

Grantham is a Market town situated 25 miles from Nottingham, 35 miles from Peterborough and 40 miles from Leicester.

Situated on High Street but with additional frontages to Guildhall Street and Westgate which form part of the primary shopping facilities in the town. The centre benefits from a strong pedestrian foot flow.

The centre is offered part let / part vacant.

Current rental income on around 50% occupancy is £142,000 per annum.

The site offers scope for further increase in rent by letting out the vacant units.

There is even more scope to convert the first and second floor space into residential units (stpc) with room for an estimated 40 flats and move all of the retail to the ground floor.

A fantastic investment opportunity with huge scope to develop further, subject to planning and significantly increase the rental income.

Scope to potentially increase rental income to circa £400,000 with re-development.

A fully tenancy schedule and breakdown will be included within the legal pack.

VAT

VAT at the current rate will be applicable on the purchase price.

Tenure

See Legal Pack.


Conditions of Sale
The Conditions of Sale will be deposited at the offices of the auctioneers and vendors solicitors/licensed conveyancers prior to the auction and the purchaser shall be deemed to have knowledge of same whether inspected or not. Any questions relating to them must be raised prior to the auction. Prospective purchasers are advised to check with the auctioneers before the sale that the property is neither sold nor withdrawn.

The purchaser will also be deemed to have read and understood the auction conduct notes printed within the sale catalogue.

A 10% deposit is payable on the fall of the gavel, subject to a minimum of £5,000.

*Guide Prices and Reserve Prices
Each property sold is subject to a Reserve Price. The Reserve Price, which is agreed between the seller and the auctioneer just prior to the auction, will be within + or – 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. Both the Guide Price and the Reserve Price can be subject to change up to and including the day of the auction. For a full definition of the Guide Price and the Reserve Price click here.

Energy Performance Certificates
EPCs can be viewed in full in the lot information section at the top of this page or in the legal pack.

Note
Prospective purchasers will need to register within the auction room before the sale commences. Two items of identity will be required together with an indication of how a contractual deposit will be paid. We do not take cash or cheque deposits. Remote bidding facilities are also available.

Auction Fees
The sale of each lot is subject to a buyer’s fee of £1,074 inc VAT (£895 + VAT) (unless otherwise stated in the important notices), payable on the fall of the hammer.

The purchase of this property may include associated fees not listed here. Any additional fees will be confirmed in the legal pack which can be downloaded from our website from the lot information section above. Or to find out more about any additional fees associated with this property please contact the auction office.