Ozva AdminA parade of pockmarked shops on a main street in Rotherham was acquired at auction for an undisclosed sum.
Forming part of the Cascades Center in Rotherham city center, 2-4, 6-8, 10, 12 and 14 Howard Street, and 15 Frederick Street, went up for auction earlier this month with Allsop auctioneers. Although they were not sold that day, they were quickly acquired after the auction. The name of the buyer and the sale price have not been disclosed, but the auctioneers gave the lot an indicative price of more than one million pounds sterling.
In 2013, the majority of the Cascades Center was acquired by the international investment manager, Threadneedle, in a £5m deal from another investment fund, The Glanmore Property Fund Ltd.
The center was developed in the 1980s by Taylor Woodrow on the site of the former municipal offices.
The property changing hands includes units currently occupied by Superdrug, Heron Foods and Bon Marche and vacant units by Argos and Poundland.
The deal follows the sale of Unit 12 College Walk – Home Bargains – which sold before going up for auction in March with Allsop, also with a reference price of over £1m.
Nearby 19 Effingham Street sold at auction with Acuitus in November for £146,000.
Commercial
George Walker, Partner and Auctioneer at Allsop, said: “Despite market uncertainty and the wait-and-see approach taken by some investors following the infamous mini-Budget announcement, our team have raised a whopping £52m sterling in our latest commercial auction – a testament to our ability to read the market and price assets in line with our buyers’ expectations, while also ensuring the seller gets a fair price.
“In the current market environment, cash is still king, which puts us in a particularly good position to transact and create liquidity in an otherwise cautious market. We are looking forward to our final sale of the year next month”.
Richard Auterac, president of Acuitus, believes the recent auction results were further evidence of the auction industry’s strength and ability to meet the needs of both buyers and sellers in times of economic uncertainty. He said: “Our analysis of commercial property auction sales during the third quarter and November sales indicate a tightening of returns for income-producing properties that, in part, can be attributed to the majority of properties that they have lower adjusted rents.
“Although interest rate increases will make financing more expensive, they will have less of an impact on investors who are buying assets at auction without the immediate need for borrowing.
“For investment funds, REITs and insolvency professionals looking to liquidate assets in a timely manner, the large group of new ‘cash rich’ private equity investors buying through Acuitus auctions are an attractive target. for asset sales strategies.
“Our expertise in pricing and sustained contact with potential buyers is a prerequisite for 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 live streamed, this dialogue continues all the way to the point of sale.”
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