Monday, January 14, 2019

News: Rotherham town centre commercial building back up for auction

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A prominent commercial building in Rotherham town centre is going back under the hammer next month after failing to sell last year.

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

The property is set to offered to buyers by leading auctioneers, Allsop in its London auction scheduled to take place at The Berkeley on February 5.

Totalling some 20,160 sq ft of lettable space, the property includes an unbroken parade of ten shops with office space above.

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.

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Bringing in a total current rent of £178,000 per annum, the property has been given a guide price of £1.6m - £1.7m.

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."

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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 undergoing a £12.5m revamp and is due to open in Spring 2019.

Allsop website

Images: Allsop

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