Thursday, June 23, 2016

News: Rotherham town centre properties under the hammer

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Investors are continuing to back Rotherham town centre with a number of recent deals for commercial property.

The majority of the converted Old Town Hall has been snapped up by an investor having first failed to sell at a recent auction. Converted in the 1980's into an attractive shopping arcade, the Grade II listed building is home to the likes of Games Workshop, the Crafty Tea Parlour and John Norris Greengrocers.

The freehold was sold for an undisclosed sum after the May auction organised by Allsops in London. It includes 21 units, five of which are double units, totalling 20,700 sq ft.

Formerly the Town Hall including the County Juvenile Court and Assembly Rooms, much of the building dates from 1896-97. Designed by Mr Lovell of London it features Classical and Jacobean details. The Assembly Room building (not part of the sale), was built as Rotherham and Masborough Literary Mechanics Institute in 1853 and was extensively refronted when incorporated into the Town Hall complex.

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At the same auction, 21, 23 and 25 Effingham Street in Rotherham town centre was sold for an impressive £720,000. The freehold was being sold by CBRE Ltd acting as Joint Fixed Charge Receivers.

With one unit vacant, most of the near 10,000 sq ft property is occupied by Perfect Home which has a lease until 2021. Rents of £70,000 pa means that the sale represents a gross initial yield of 9.72%.

The Rotherham lots were part of 205 commercial lots offered to the market, and with a success rate of 81%, over £113m was raised.

Duncan Moir, partner and auctioneer, said: "Interest is growing from a wide range of investors, both experienced and new to the market, who were clearly attracted by the returns available in the sector. Referendum inertia seems to be having little effect on investors, and their enthusiasm ensured a number of bidding battles took place, particularly over mixed-use buildings in the South East. We were delighted to secure many significant results for our clients."

At Allsops' July auction, Unit 1, 13 All Saints Square and Unit 2, 15 All Saints Square in Rotherham town centre are set to go under the hammer with a guide price of £350,000 - £375,000. In a prime location, the former Cooplands and Co-op Travel units have rents set at £46,000 pa over 2,000 sq ft of space.
Also set be sold at the same auction is the former public house on Domine Lane, also in the town centre. Empty for a number of years, the 8,000 sq ft property was previously The Exchange and formerly Yates Wine Lodge. It has been given a guide price of £80,000+.

The property forms part of the Westgate Chambers site, the majority of which has been under offer for over a year after Rotherham Council agreed to dispose of its asset. It is hoped that it will be redeveloped into a residential development with an active commercial ground floor.

Allsops website

Images: Allsops

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