Retail parade in Rotherham with high-profile tenants paying £85,000 a year for sale at £895,000
A Grade II-listed retail parade in a South Yorkshire town with high-profile tenants including Greggs and Timpson has come on to the market with Bond Wolfe.
The property at 2-8 Effingham Street in Rotherham, which includes a vacant second floor that could be converted to residential use, subject to planning, is available for offers based on £895,000.
James Mattin, Managing Director, explained that with current rents totalling £85,200 a year the purchase would represent a yield of more than 9%, based on the offer price.
Mr Mattin said: “This prominent retail parade is within a conservation area on the corner of the pedestrianised Effingham Street, close to All Saints Square, part of Rotherham’s prime retailing area.
“The property includes four ground floor retail units which have extra space on the first floor, with established tenants including a Greggs bakery and Timpson shoe repairs.
“Other tenants include Harvey & Thompson Harvey Pawnbrokers, one of the oldest and leading pawnbrokers in the UK, and Cash Shop Ltd, established by the founder of the UK’s original cheque cashing company.
“There is then self-contained office accommodation on the second floor accessed via a dedicated entrance on Effingham Street, and this could potentially be converted into residential use, subject to planning consent.”
Mr Mattin added that there was a total on 8,009 sq ft of space at the property – including 2,835 sq ft on the ground floor, 2,229 sq ft on the first floor and 2,945 sq ft on the second floor.
The property is in a prime trading position in the pedestrianised town centre, with nearby occupiers include B&M Bargains, Specsavers, O2, Nationwide Building Society and Barclays bank.
Rotherham is a major commercial centre around six miles north-east of Sheffield, and with junctions of the M1 motorway and M18 motorways just a short distance away.