Grantham's iconic George Shopping Centre is back on the market again.

The building, with 40 shops and six offices, is due to go to auction later this month.

The shopping centre, situated between High Street and Westgate, has suffered an exodus of tenants, something fuelled by the first lockdown.

However, SDL Auctions, said it presents: "A fantastic investment opportunity with huge scope to develop further."

The auctioneer said: "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."

The centre is being offered part let/ part vacant, with a current 50 per cent occupancy generating £142,000 rental income a year.

The prospectus continued: "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."

The prospectus gives a guide price of £950,000.

However, this contrasts with a previous asking price former owners had sought in 2017 of £2.85M.

The troubled shopping centre has seen many tenants leave, including Oblio's cafe, which moved into Westgate, the Teaspoon Tea company, which moved into High Street, and the closure of Bon Patisserie.

The pandemic and its first lockdown also saw the closure of the Sabor Lusitano restaurant, the Feelgood Fitness Gym and Pizza Express.

The auction is due to take place online, with remote bidding only, on Thursday November 26.