A RETAIL arcade in Bournemouth town centre is due to be sold at auction next month.
Burlington retail arcade, which links Old Christchurch Road with St Peters Road in Bournemouth town centre, will be offered for sale with a guide price of £1.9 million.
Held at the Acuitus commercial property auction on July 12, the 20,890 square foot, four-storey property will be sold to the highest bidder.
Occupiers of the mixed-use building include Card Factory and Esquires Coffee, as well as office accommodation with a 27-space basement car park.
The current gross annual rental income is £297,431.
Acuitus investment director, Charlie Powter, said: “Small local shopping centres have been the focus of concerted buying in recent months with purchasers exploring alternative uses for these town centre assets.
“This property could benefit from future redevelopment for a variety of uses, subject to all necessary consents and current tenancies.
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“A now lapsed planning permission was previously granted for a scheme to provide nine flats.”
Cllr Mike Greene, ward councillor for the town centre, said: “That part of town is already a lively area.
“It is a fantastic location and it would be a great opportunity for a new commercial landlord.”
Paul Kinvig, chief operating officer of the Bournemouth Town Centre BID, said: “When anything changes hands there is always opportunity for bigger investment.
“It’ll be interesting to see who gets it and what investment or development plans they have.”
The arcade currently has one unoccupied unit looking out to St Peters Road, and it is on sale for a new lease with terms to be negotiated at a rental of £1,000 per calendar month plus VAT (exclusive).
Business owners in the arcade are hopeful a new buyer will be successful for retail in the area.
Bubble Tea Party co-owner Anthony O’Sullivan said: “We only came in December but a lot of business owners struggled during lockdown.
“Everybody is willing each other on during the summer as we’re worried about the winter.
“This arcade does struggle. I’m so busy I can fall asleep.”
Burlington retail arcade will be up for auction on July 12 at 1pm and will be broadcast via a livestream.
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