The George Shopping Centre in Grantham has a new owner.

The premises off High Street went under the hammer during an online auction last week.

The selling price was £1,010,000, a fraction of previous sales for the building, which closed as a hotel around 1990.

SDL Auctions, who conducted the sale, told Nub News yesterday it was unlikely that the buyer would identify themselves, at least initially.

As Nub News reported last month, the centre has many empty premises, something which has been fuelled by the recent lockdowns.

But SDL Auctions said the building, with 40 shops and six offices, presented: "A fantastic investment opportunity with huge scope to develop further."

At present, the George offers 58,000 sq ft of office and retail units.

The auctioneer also said: "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."

In 2015, the centre was sold at auction for £2.79 million.

Ten years prior to that, the George was bought by a pension fund for £5.4 million.