Wednesday, January 31, 2018

News: Rotherham town centre commercial building up for auction

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A prominent commercial building in Rotherham town centre has been put up for sale and is set to go under the hammer next month.

1-22 Effingham Square is the large block of offices with retail units underneath and is located alongside Rotherham Interchange and its shopping centre, opposite to the Tesco Extra store.

Leading auctioneers, Savills, has placed the freehold of the property in its London auction scheduled to take place at the Grovesnor on February 13.

Totaling some 20,160 sq ft of lettable space, the property includes an unbroken parade of ten shops, something which the auctioneers highlights as being "rarely available."

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Tenants include Wallace Arnold, Cash Converters, Tasty Bite, two dental practices and the Laser Credit Union. Upper floors have the South Yorkshire Passenger Transport Authority as tenants.

Bringing in a total current rent of £178,000 per annum, the property has been given a guide price of £1.85m+.

The sales brochure adds that "the site may have development potential and the possibility of adding an extra floor subject to the requisite consents."

Following the opening of the £40m Tesco development, Effingham Square was given a modest revamp with a redesign of the taxi rank and new public realm works to the pedestrianised area.

The new town centre masterplan considers that there "is still significant improvement which can be made" in Effingham Square which is described as "a very poor space and a wasted opportunity."

The masterplan puts forward that Rotherham Council should lead on a project for Effingham Square so that it will become an "attractive densely planted green oasis in the heart of town," complementing the green space at Minster Gardens.

Transforming grey to green, "proposals for Effingham Square will provide a new setting for the Interchange, greening the current expanse of hard space, providing seating and screening through further tree cover. The delineation of space between the taxi ranks and the public space will also help break the expanse of grey space."

Rotherham Interchange itself is set for a £12.5m revamp.

Savills website

Images: Savills / RMBC / WYG

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