Sutton-in-Ashfield shopping centre being auctioned for for £3m

Sutton-in-Ashfield's main shopping centre will go under the hammer at auction after its owners decided to sell up. Idlewells, which is the only shopping centre in the town, is listed for a guide price of £3.25 million.

The 40-unit precinct comprises shops such as JD Sports, B&M, Specsavers, Greggs, Scriven's, Boots, Superdrug, Vodafone, Holland & Barrett and Peacocks. There are also three kiosks, a café, a market hall and a 250-space multi-storey car park.

Other traders include Heron Foods, Cooplands, Bonmarche, Cafe Moda, Bargain Buys and Bodycare. The centre is located in the middle of the town, near the bus station, Asda and Sutton Community Academy.

Discussions with a national gym operator about their leasing of a unit are currently ongoing, as are discussions for the renewal of athe leases of several national retailers. Altogether, the indoor space totals 13,937 square metres, and there is also a significant empty space under the east side of the precinct.

This was previously used as a car park but is now redundant and is suitable for being repurposed for "alternative uses", auctioneers Acuitis said. Estimated current net operating income annually is £542,325.01.

Projected footfall is around three million per annum, and the local catchment area population is 659, 621. Average total spend by a visitor to the centre is £22.29, while total comparison spend is £55.3 million.

The indoor market hall was recently refurbished to a cost of £1.8 million. The centre is located around two miles outside of Mansfield and is near to the M1, A38 and A617.

There is currently 107 years remaining on the site's long leasehold, and a legal pack is available for interested buyers. The auction will take place on a live stream on December 12.