A VACANT lot is being sold for offers of more than £100,000 in Winchester city centre.

The space on St George's Street is next to the back entrance to NatWest Old Bank.

The freehold property, which is currently used as a parking space for around four vehicles, has planning permission for a shop with a two-bedroom flat on the first floor.

It failed to sell when put up for auction in March by Clive Emson Auctioneers with a guide price of £125,000-£135,000.

READ MORE: Winchester city centre freehold site to be auctioned

The site could be developed into a shop and two-bed flat (Image: Sebastian Haw)

When the Chronicle rang the number, the person who answered declined to reveal his identity, although he confirmed he was acting on behalf of the owner to sell the site.

SEE MORE: Romsey auction house offers free valuations

Speaking for Clive Emson's regional department, Rob Marchant told the Chronicle that the freehold had not hit its target value at auction.

He said: "I think one of the issues with any site like that is that build costs have just gone through the roof since Covid. 

"Building materials and labour are both 25 to 30 per cent more expensive.

"I think the chap who owned it was looking at his options to redevelop the site himself. He's clearly changed his mind."