Monday, June 26, 2017

News: Town centre properties up for auction

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Over half a million pounds worth of commercial property in Rotherham town centre is heading to auction next month.

The largest is a freehold shop investment at 31 College Street that is set to go under the hammer with national auctioneers, Allsop, and has been given a guide price of £300,000+.

The 3,789 sq ft property is currently let to Greenwoods Menswear. The Bradford-based retailer returned to Rotherham in 2011 when the Council supported the move with a capital fit-out grant for the works to the vacant unit that was previously a Music Zone outlet.

Arranged on ground and two upper floors, the property provides a ground floor shop unit with staff ancillary and storage accommodation on the first and second floors above.

Lot details show that the entire property is at present let to Greenwoods Menswear Limited for a term of ten years from 1st December 2011 at a current rent of £30,000 per annum. The lease provides for a rent review on the fifth year of the term and contains full repairing and insuring covenants. The 2017 break clause was not exercised.

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13-15 All Saints Square is also heading for a sale at the same auction in London on July 10. The two well located retail units are currently vacant and the freehold of the 1,969 sq ft property has been given a guide price of £125,000 - £150,000.

Leading local auctioneer, Mark Jenkinson and Son, is bringing two Rotherham town centre properties to its auction in Sheffield on July 11.

On Wellgate, the offices of the Rotherham Advertiser at 67-69 Wellgate has been given the guide price of £80,000 - £90,000. The tenants pay £12,000 per annum for the 1,500 sq ft property but notice has been served by the receivers requiring vacant possession by August 26 2017.

The adjacent property at 63-65 Wellgate has been given a guide price of £80,000 - £90,000. Currently home to letting agents, Bricknells Rentals, the freehold of the 968 sq ft property has been put up for due to relocation. The agents has an office in the Imperial Buildings across Rotherham town centre.

Allsop website
Mark Jenkinson and Son website

Images: Allsop


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