A prominent corner building at the foot of Rotherham town centre's regenerated High Street has sold for above the asking price at a recent auction.
38-40 College Street comprises a three storey, self contained building with a Portland Stone façade and was given a guide price of £150,000 - £200,000, by leading firm, Acuitus. It sold for £245,000.
Described as a "prominent town centre retail investment" the freehold went up for sale last year and was being sold on behalf of receivers - Moorfields.
The Acuitus March auction saw the sale of 74 lots for a total of £47.36m. Richard Auterac, chairman of Acuitus, said: "Investors are making it plain what they demand, so the ball is really now in the sellers' court. If they supply the right assets, these will sell at good prices.
"There was tremendous positivity in the room and that is reflected in the prices paid and the overall success rate."
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Totaling nearly 11,000 sq ft, the building is currently home to Eastwood Domestics in the 2,500 sq ft High Street unit and the 4,000 sq ft unit is home to That's Entertainment selling CDs, DVDs, video games and mobile phones. The second floor has its own entrance and was the home of Central Snooker Club, a club with an 80 year history.
Not a listed building, the property is on Rotherham Civic Society's local list which compiles properties of architectural or historic interest. The society states that: "No.2 High Street had been purchased by Montague Burton Ltd in 1926 with a view to expanding its presence in Rotherham. Following discussions with the Rotherham Corporation it became apparent that, due to the highway authority's plans to ease the College Street / High Street corner, Nos. 4 & 6 would need to be acquired in order to provide a site of sufficient size for Burton's new premises.
"In December 1929 the company's proposals for the new store were approved and the old property was demolished. The new building, designed by Harry Wilson, Architect, of Roundhay in Leeds was completed in 1931."
Recent acquisitions in Rotherham town centre include the vacant 8,000 sq ft property on Domine Lane that has been transformed into the 1915 bar and Sorting Office arts studio space.
Previous deals include the Howard Building where work on new housing has made little progress.
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