A block of shops likely to be located at the heart of Basildon town centre’s £1bn regeneration plans is set to top the billing at Barnett Ross’s first auction of the year.
The block, at 1-21 Market Pavement in Basildon, Essex, lies between the Eastgate Shopping Centre and the New Campus development for South Essex College.
With a combined guide price of £3m, the block, which comprises an Iceland supermarket paying an annual rent of £160,000, and six smaller shops bringing in a combined income of £172,000, will be offered as two separate lots.
Cushman & Wakefield and We Made That are currently working with Basildon Council to develop a masterplan for the future of Basildon Town Centre.
In 2012 Basildon council unveiled a 20-year draft masterplan for the regeneration alongside Barratt Homes and Wilson Bowden Developments. It included the development of 430,000 sq ft of shopping and leisure space including a cinema, restaurants, bars and cafés, as well as 270,000 sq ft of offices, up to 2,000 homes, a 150-bedroom hotel, upgraded public realm and new public squares.
Barnett Ross will offer a total of 29 lots at its sale on 27 February at The Churchill Hyatt Regency London, Portman Square, W1. This is the lowest number the auctioneer has offered to the market since December 2017 and its lowest February offering for nearly 20 years.
Other lots going under the hammer include a parade of six shops and four flats in the centre of Minehead, Somerset, which is being marketed with a guide price of £1.35m and a vacant one bedroom flat in Islington, N1, which is guided at £300,000.
