News: £5m deal for Rotherham retail property

The Cascades Centre in Rotherham town centre has been acquired by international investment manager, Threadneedle, in a deal in the order of £5m.

The commercial property is in the prime shopping area on Howard Street and Frederick Street and occupiers include Argos, Superdrug and Poundland. It was developed in the 1980's by Taylor Woodrow on the site of former municipal offices.

It has a passing rent of around £590k.

Another investment fund, The Glanmore Property Fund Ltd, sold the centre and secured a net initial yield of circa 11%. It will now become part of Threadneedle's UK Property Trust, a £400m fund primarily made up of assets from commercial real estate in the UK.

Retail and leisure property consultants, ReesDenton acted for Threadneedle and CBRE acted for Glanmore.

Images: ReesDenton