The historic Savoy Cinema in Spalding is set to auction with a reduced guide price this month
Spalding: A former cinema is hitting the auction block, and guess what? The guide price has been slashed! The Savoy Cinema, which used to be the biggest in Lincolnshire, is going up for auction this month.
Originally built in 1937, it could seat 1,500 people. But now, it’s got a guide price of £250,000 to £270,000, down from £400,000 last summer. Quite a drop, right?
After the cinema closed in the 1970s, it turned into a bingo hall. But things took a turn for the worse when a fire in 2021 caused a lot of damage, and plans to reopen post-Covid fell through. It’s been sitting empty ever since.
Now, this 15,000 sq ft building on a 0.7-acre site is being sold by SDL Property Auctions and Eddisons Peterborough. They think it could be redeveloped, and the local council is on board with ideas for a mixed-use commercial and residential project.
Located near the town center, the property is part of Spalding’s conservation area. It’s set to be auctioned off along with about 170 other properties in an online auction on January 30.
People have shared their thoughts on what they’d like to see happen with the building, from a music venue to a medical center. Andrew Parker, one of the auctioneers, mentioned how this once-great building has been neglected for over three years since the fire.
He’s hopeful that a creative redevelopment could breathe new life into the site while keeping its original 1930s art-deco look. With the council’s backing, this could be a great investment opportunity!
