Thursday, October 4, 2018

News: Empty Rotherham Primark building up for sale

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Vacant for nearly a year, the former large Primark store in Rotherham town centre is heading for sale via auction. And the guide price is half a million pounds.

Rothbiz reported last year that the national chain was to open a new store at Parkgate Shopping, relocating from the High Street in Rotherham town centre.

Now the freehold of the vacated property has been entered for sale with leading auctioneers, Allsop.

The 43,000 sq ft property is arranged on ground and two upper floors to provide two adjoining shops. 9 High Street is arranged on ground and first floors. 11/13 High Street is arranged on ground, first and second floors. Primark used the 22,343 sq ft ground floor as trading space.

The guide price is £500,000+ which represents a gross initial yield of 0.02%.

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Sitting alongside M&S and Curry's/PC World, the new Primark store occupies 33,100 sq ft of retail space over two levels with fast fashion retailer the moving from one former BHS unit to another.

Last October, joint agents at Smith Young and Edgerley Simpson Howe were brought in to market the prominent High Street unit but with deteriorating retail trading conditions coupled with a yearly rent in the region of £200,000 and business rates of £192,000, the unit has remained empty.

The closure of Primark has had an evident negative impact on footfall in the town centre. Rotherham Council reported an average monthly decline of 40% alone on High Street since the store closed in November 2017.

The High Street has undergone significant regeneration in recent years, largely due to the Townscape Heritage Initiative (THI) scheme where £4.7m investment from the HLF, Rotherham Council and the property owners has led to the restoration, renovation and repair of a number of historic buildings.

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The latest project has seen the Grade II listed George Wright building undergo a £500,000 revamp to be reopened as as boutique hotel, bar and restaurant.

Another prominent Grade II listed building on the High Street is set to be vacated this month when the Royal Bank of Scotland Group (RBS) closes its town centre branch.

The adopted masterplan for Rotherham town centre focuses on growing leisure and residential uses rather than retail.

Allsop website

Images: Allsop

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