November 6, 2020 3.01 pm This story is over 40 months old

Grantham shopping centre up for auction after COVID-19 closures

The end of a difficult year for the centre
It's been a turbulent year for The George Shopping Centre in Grantham.
By Local Democracy Reporter

A shopping centre in Grantham will go on the market for less than £1 million after financial damage caused by the coronavirus pandemic led to multiple businesses closing.

The George Centre was sold just three years ago, but has now been put back on the market and will go under the hammer on November 27, with a guide price of £950,000.

There are 40 retail units, six office suites, 41 car parking spaces and one storage unit within The George Centre on Grantham High Street.

It used to be home to businesses such as Pizza Express and Feelgood Fitness, but both closed their doors during COVID-19 lockdown earlier this year.

It has been a fairly bleak year for The George Centre, with Portuguese restaurant Sabor Lusitano also shutting down from there, as well as Bon Patisserie and Cappuccino’s Cafe all due to the financial implications of the virus and lockdown.

These departures along with a second national lockdown has resulted in the centre being close to empty, forcing the decision from the owners to sell up.

It will be the third change of ownership in under five years, with it only being sold three years ago, and then again 18 months before that for a total of £1.9 million by Atlantis Holdings.

The George will now be part of a national property auction, organised by SDL Auctions, to find a new buyer for the centre.

It will be conducted behind closed doors and live-streamed online, with remote bidding only.

This will take place at 10.30am on Friday, November 27, with registration to be a part of the bidding closing at midday the day before the auction.

For the current full listing or to request registration for bidding, visit Rightmove.co.uk.