News: Historic Rotherham building acquired
A former department store in Rotherham town centre has been acquired by its tenants.
Rothbiz reported last year that a prominent Grade II listed building in Rotherham town centre had gone up for sale, offering a redevelopment opportunity between the award-winning High Street and Rotherham Minster.
Rotherham Rise, the local charity organisation that offers support for victims and survivors of abuse, has completed the purchase of the Grade II listed building that it already occupied together with other tenants.
The building, known by many as the former Speeds department store, is to be renamed Rise House and provides 1,000 sq ft of office and retail space. Rotherham Rise uses about two-thirds of the accommodation and will now receive rent from the tenants of the other offices, thereby providing a new income stream. Rise is redeveloping the ground floor retail area as a café, which is scheduled to open by the end of November.
Sue Wynne, chief executive of Rotherham Rise, said: "The market for rented offices in Rotherham does not favour not-for-profit organisations like us. We have had to move premises several times in the last 10 years and it has been expensive and disruptive. We have been wanting to buy somewhere for a while now so that our working environment is stable and sustainable."
Rise had been planning the purchase of a building and saw an opportunity at the High St premises when they moved in as tenants at the end of 2018. They then started to look at options of how to achieve this, gaining impetus in their efforts following participation in an E3M Alchemy event hosted by RMBC, and facilitated by Social Business International Ltd. Key Fund, Co-op Loan Fund, and Co-operative & Community Finance collaborating on a package of long-term loans made the purchase possible.
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The Co-op Foundation has provided grant and loan finance for the fitting out of the café.
Ian Rothwell, investment manager of Co-operative & Community Finance, which manages Co-op Loan Fund, said: "It is great that we were able to help such a worthwhile organisation to secure its accommodation and improve its sustainability. This is also a good example of responsible finance organisations working together to provide appropriate lending that makes a big difference to those providing support to vulnerable people."
Andy Croft, Investment Manager of Key Fund, said: "We are delighted to be able to play a role in this exciting development that will enable Rotherham Rise to increase their impact over the coming years. They deliver essential services to people in need and are exactly the kind of organisation that we want to support."
Jonathan Bland, managing director, Social Business International and founder of E3M said: "I am really delighted that the contacts made at the E3M Rotherham Alchemy event led to Rotherham Rise finding social investors and that they have now been able to buy their high street building. This is exactly the kind of social venture that should be getting investment to grow and I am sure this will enhance the much-needed services for survivors of domestic abuse and sexual exploitation."
As a result of the purchase and the new income from tenants and the cafe, Rise said that it will be in a stronger financial position and it will not have to worry about moving premises again. This leaves the organisation free to concentrate on providing its comprehensive range of services that include refuge accommodation, support services, therapeutic services, pathway services, and training in domestic abuse awareness.
Rotherham Rise was established in 1976. Today it has over 25 employees.
Sue Wynne added: "Over the last four years there has been a very significant increase in the demand for our services. This is a good thing because it shows a greater awareness of domestic abuse and a willingness to report it. There has been a big leap in self-referrals. It has been a challenge for us to keep pace with demand.
"Our main focus has been to ensure that people in need of our support do not have to wait too long. Looking ahead, we are developing more pathways to our services that support people throughout the journey from victim to survivor."
Rotherham Rise website
Images: Avison Young
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Rothbiz reported last year that a prominent Grade II listed building in Rotherham town centre had gone up for sale, offering a redevelopment opportunity between the award-winning High Street and Rotherham Minster.
Rotherham Rise, the local charity organisation that offers support for victims and survivors of abuse, has completed the purchase of the Grade II listed building that it already occupied together with other tenants.
The building, known by many as the former Speeds department store, is to be renamed Rise House and provides 1,000 sq ft of office and retail space. Rotherham Rise uses about two-thirds of the accommodation and will now receive rent from the tenants of the other offices, thereby providing a new income stream. Rise is redeveloping the ground floor retail area as a café, which is scheduled to open by the end of November.
Sue Wynne, chief executive of Rotherham Rise, said: "The market for rented offices in Rotherham does not favour not-for-profit organisations like us. We have had to move premises several times in the last 10 years and it has been expensive and disruptive. We have been wanting to buy somewhere for a while now so that our working environment is stable and sustainable."
Rise had been planning the purchase of a building and saw an opportunity at the High St premises when they moved in as tenants at the end of 2018. They then started to look at options of how to achieve this, gaining impetus in their efforts following participation in an E3M Alchemy event hosted by RMBC, and facilitated by Social Business International Ltd. Key Fund, Co-op Loan Fund, and Co-operative & Community Finance collaborating on a package of long-term loans made the purchase possible.
Advertisement
The Co-op Foundation has provided grant and loan finance for the fitting out of the café.
Ian Rothwell, investment manager of Co-operative & Community Finance, which manages Co-op Loan Fund, said: "It is great that we were able to help such a worthwhile organisation to secure its accommodation and improve its sustainability. This is also a good example of responsible finance organisations working together to provide appropriate lending that makes a big difference to those providing support to vulnerable people."
Andy Croft, Investment Manager of Key Fund, said: "We are delighted to be able to play a role in this exciting development that will enable Rotherham Rise to increase their impact over the coming years. They deliver essential services to people in need and are exactly the kind of organisation that we want to support."
Jonathan Bland, managing director, Social Business International and founder of E3M said: "I am really delighted that the contacts made at the E3M Rotherham Alchemy event led to Rotherham Rise finding social investors and that they have now been able to buy their high street building. This is exactly the kind of social venture that should be getting investment to grow and I am sure this will enhance the much-needed services for survivors of domestic abuse and sexual exploitation."
As a result of the purchase and the new income from tenants and the cafe, Rise said that it will be in a stronger financial position and it will not have to worry about moving premises again. This leaves the organisation free to concentrate on providing its comprehensive range of services that include refuge accommodation, support services, therapeutic services, pathway services, and training in domestic abuse awareness.
Rotherham Rise was established in 1976. Today it has over 25 employees.
Sue Wynne added: "Over the last four years there has been a very significant increase in the demand for our services. This is a good thing because it shows a greater awareness of domestic abuse and a willingness to report it. There has been a big leap in self-referrals. It has been a challenge for us to keep pace with demand.
"Our main focus has been to ensure that people in need of our support do not have to wait too long. Looking ahead, we are developing more pathways to our services that support people throughout the journey from victim to survivor."
Rotherham Rise website
Images: Avison Young
