Tuesday, April 19, 2016

News: Town centre property sells for £500,000

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A prominent commercial property in Rotherham town centre has sold at auction for £500,000.

Comprising two retail units, the freehold of 18 & 20 Howard Street recently went under the hammer with national commercial property auction specialists, Allsop.

The 600 sq ft properties are currently occupied by William Hill bookmakers and a national breast cancer charity. They stand on the site of the former public library close to the markets, college campus and main pedestrianised shopping streets.

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With rents of £53,080 pa, rising annually to £57,080 per annum in 2020, the property sold for £500,000 in the the packed ballroom of The Berkeley hotel in London, representing an initial yield of 10.13%.

Allsop raised £98.1m, with an 87% success rate at their March commercial auction, bringing the Q1 results to £170m, a 55% increase over Q1 in 2015.

Duncan Moir, auctioneer and partner at Allsops, said: "The pool of active investors would appear to be increasing, given the ongoing low interest returns to savers. The opportunity presented to sellers by the strength of demand is very clear.

"With average retail yields on the better quality investments hardening to below 6% for the first time in six years, the outlook for sellers is encouraging. We were delighted to have secured so many first rate results for our clients."

Outside the town centre, Unit C Quintec Court on Barbot Hall Industrial Estate, recently sold at auction with Acuitus for £885,000. Sold on behalf of a major fund manager, the 16,834 sq ft unit is let to Courier Logistics Limited.

Images: Allsop

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