Auctioneers are hoping it's a case of third time lucky for a Great Yarmouth shopping precinct which failed to sell at two previous auctions. 

The Victoria Arcade is going under the hammer again - at a lower price. 

The auction takes place on August 1 and will see the building up for a guide price of £520,000 with Barnard Marcus after failing to sell in May for £625,000.

That previous auction came as receivers were called into the arcade, which according to a government website is owned by HIS Investments.

READ MORE: What's next for Great Yarmouth's Victoria Arcade?

The shopping precinct - which was once a popular destination for shoppers in the town - has fallen on hard times due to an overall decline in footfall on the high street.

The auction comes as Great Yarmouth Civic Society chairman Hugh Sturzaker raised the idea of a cooperative of potential shopkeepers and entrepreneurs banding together to buy the arcade.

Last year, the arcade was up for auction with Siddall Jones for £700,000. It is believed the property sold after auction for an undisclosed sum. However, the deal was not finalised.