A CITY centre retail and residential property is heading to auction with a guide price of more than £2 million.

The property in Colchester High Street which houses McDonald’s and Claire’s  Accessories is set to be sold at the Acuitus commercial property auction in July with a guide of £2.1million to £2.2million.

Acuitus is one of the leading commercial property auctioneers in the UK and holds regular sales throughout the year.

The property itself comprises of a substantial unit fronting the High Street arranged over ground, lower ground, first and second floors, which is currently let to McDonald’s.

To the rear, fronting Trinity Square, is a separate retail unit occupied by Claire’s Accessories together with four self-contained flats on the upper two floors.

Altogether, the property generates £232,760 in annual rental income.

It had previously been listed on Rightmove for sale with “offers in excess of £4,700,000".

A total of 9,013sqft is down as commercial with 2,097sqft residential.

The 35/37 High Street has McDonald's over the ground, first, second floor and basement, with various seating, kitchen and storage areas.

At 7/7A Trinity Square there is Claire’s Accessories on the ground floor as well as four flats across the first and second floor, three two-bedroom flats and one one-bedroom one.

McDonald's has occupied the site since 1985 while Clarie's has been there since 2009. 

The site is opposite the Colchester Town Hall and adjacent to what was the M&S Foodhall on one side and Tesco Express on the other.

Charlie Powter from Acuitus said: “The property offers investors a chance to purchase a slice of Colchester’s retail centre, with two long term tenants in occupation, and additional income in the form of assured shorthold tenancies in the flats above”.

The Acuitus auction will take place on Thursday July 13 at 2pm. It will be broadcast via livestream on the Acuitus website and offers online, telephone and proxy bidding.