A TOWN centre parade of shops is on the market for almost £2 million.

The joined Mercantile House and Centurion House fronts both St John’s Street and Sir Isaac’s Walk, in Colchester, and is set to be sold at auction next month.

On the St John’s Street side, the property is home to popular steak restaurant Bella Pais, Divas hair salon and Coral bookmakers, while well-known high street stores Trespass, Noa Noa and Timpson front into Sir Isaac’s Walk.

A brochure on auctioneers Allsop’s website also states the upper floor, which is office space, has “potential” to be converted into flats.

At the moment the owners, Rockspring, take an annual rental income of £196,082 with only one vacant unit.

It is not known what impact the sale would have on the existing tenants, although the particulars of sale states many of the rents are on long-term agreements.

The buildings are set to be sold in London next Tuesday with a guide price of between £1.75 million and £2 million and the investment is expected to yield the new owners about 10 per cent on their investment.

In a brochure produced by Allsop auctioneers, which is selling the properties on behalf of Rocksprings, it describes Colchester as a “major commercial, retail and administration centre”.

It adds: “The property comprises two parades of shops. Mercantile House comprises five shop units, three of which have ancillary first floor accommodation together with three suites of offices above.

“The second parade, Centurion House is, because of the sloping nature of the site, located at a lower ground floor level fronting St John’s Street and consists of a parade of seven shops on the ground floor together with a suite of offices on the third floor which is separately accessed via lift and stairs from St John’s Street.”

If a sale is agreed, the property could change hands in six weeks.