Former Hughes Electrical in Great Yarmouth fails to sell at auction despite heavily reduced price

Hughes.Front of shop on the Market Place in Great Yarmouth town centre.July 2014.Picture: James Bass

Hughes.Front of shop on the Market Place in Great Yarmouth town centre.July 2014.Picture: James Bass - Credit: Eastern Daily Press © 2014

A former electrical store in a prime position in Great Yarmouth town centre has failed to sell at auction - despite a considerably reduced price.

The former Hughes Electrical on Market Place was placed under the hammer by Auction House East Anglia on Valentine’s Day, with a guide price of £175,000.

This price was a fraction of the £400,000 it was originally placed on the market at, however, its reserve was not met at the auction.

The unit, at 33-34 Market Place, may now go back under the hammer in April, although interested parties can make offers to the auctioneers ahead of this time.

Bryan Baxter, an auctioneer at Auction House East Anglia said: “The company want it moved on and have therefore agreed to a much lower reserve prise than it was originally marketed at.

“It is a great opportunity to be in the very heart of the town.”