A BUILDING in Plymouth city centre is to be auctioned with a "bargain" guide price of £2 million.

The property in New George Street will go up for auction on Wednesday through commercial real estate firm Jones Lang LaSalle.

The entire property is let to fast food chain Burger King Ltd for a term of 35 years, which started in 1984 and runs until 2019.

Richard Auterac, auctioneer at Jones Lang LaSalle, described the property as a "bargain".

He said: "It presents an impressive investment opportunity in a popular location with a good tenant.

"With property prices significantly down from peak levels, in some instances by up to 40 per cent, it is still possible to find bargains at the prime end of the market."

He added that the "fantastically located property" was one of the best on offer at the upcoming auction.

The firm said 97/99 New George Street comprises retail and restaurant accommodation on the basement, ground and two upper floors, and the current gross rent is set at £126,000 per year, with a current £26,250 per annum licence fee paid by sub-tenant Done Brothers (Cash Betting) Ltd.

Part of the ground floor and the entire basement of the building, opposite Plymouth City Market, is sub-let to Done Brothers (Cash Betting) Ltd while the Burger King operation is sub-let to franchisee Caspian Food Services Ltd. Mr Auterac added: "As prices continue to bottom out and with a growing recovery in investor confidence the best opportunities are going to get snapped up quickly and will be difficult to find in 2010.

"As we emerge from the recession this could be the last chance for those with access to debt or cash to secure some of the best real estate deals of the past decade in the auction room."

The auction takes place on Wednesday, December 9 at the Cumberland Hotel in London.