Wednesday, November 23, 2022

News: Rotherham retail properties bought


A pock-marked parade of shops on a main Rotherham street has been acquired at auction, for an undisclosed sum.

Making up part of the Cascades Centre in Rotherham town centre, 2-4, 6-8, 10, 12 & 14 Howard Street, and 15 Frederick Street, went under the hammer earlier this month with Allsop auctioneers. Whilst failing to sell on the day, they were quickly acquired after the auction. The name of the buyer, or the sale price, has not been disclosed but auctioneers gave the lot a guide price of £1m+.

In 2013, the majority of the Cascades Centre was acquired by international investment manager, Threadneedle, in a deal in the order of £5m from another investment fund, The Glanmore Property Fund Ltd.

The centre was developed in the 1980's by Taylor Woodrow on the site of former municipal offices.

The property changing hands includes the units currently occupied by Superdrug, Heron Foods and Bon Marche and empty units vacated by Argos and Poundland.

The deal follows on from the sale of Unit 12 College Walk - Home Bargains - which sold prior to going to auction in March with Allsop, also with a guide price of £1m+.

Nearby 19 Effingham Street sold at auction with Acuitus in November for £146,000.

George Walker, partner and auctioneer at Allsop, said: "Despite the market uncertainty and the wait-and-see approach adopted by some investors in the aftermath of the infamous mini-Budget announcement, our team has raised a whopping £52m at our latest commercial auction – a testament to our ability to read the market and price assets in line with the expectations of our buyers, whilst ensuring the seller gets a fair price.

"In the current market environment, cash remains king, making us particularly well placed to transact and creating liquidity in an otherwise cautious market. We look forward to our final sale of the year next month.”

Richard Auterac, chairman at Acuitus believes that recent auction results was further evidence of the strength of the auction sector and its ability to meet the needs of both buyers and sellers at times of economic uncertainty. He said: “Our analysis of commercial property auction sales through Q3 and into the November sales indicates a hardening of yields for income-producing properties which, in part, can be attributed to the majority of properties having lower rebased rents.

“Although the increases in interest rates will make finance more expensive, they will have less of an impact on investors who are acquiring assets at auction without the immediate need for debt.

“For investment funds, REITs and insolvency practitioners who are looking to liquidate assets in a timely manner, the large pool of new ‘cash-rich’ private equity investors who are buying through Acuitus auctions, are an attractive target for asset disposal strategies.

“Our pricing expertise and sustained contact with potential buyers is a prerequisite to getting the right result for our sellers. This engagement with target buyers in the weeks leading up to an auction is vital and – because our auctions are broadcast live – this dialogue continues right up to the point of sale.”

Allsop website
Acuitus website

Images: Allsop


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