For a shopping precinct in Great Yarmouth town centre that went under the hammer, it was a case of 'going, going... not gone'.

The Victoria Arcade, which was up for a guide price of £625,000, failed to sell at an auction on Tuesday (May 23).

Auctioneers Barnard Marcus say they are now inviting unconditional offers that can exchange immediately with a 10pc deposit.

The auction came as receivers were called into the arcade, which according to a government website is owned by HIS Investments.

The receivers are detailed as being from Manchester-based financial firm Waterfold Asset Management.

Last May, the arcade was up for auction with Siddall Jones for £700,000. It is believed the property sold after auction for an undisclosed sum. However, the deal was not finalised.

The arcade is advertised as having 35 retail spaces inside, including new tenants Sew-Knitty.

The Barnard Marcus listing states the property "may be suitable for further development and part conversion into residential subject to planning permission and consents".