GVA’s Leeds office has completed the sale of Rotherham Central, a mixed-use retail and residential development in the heart of the town centre, on behalf of client, Iliad.
Purchased by Modernistiq Developments, the sale comprised 61 PRS apartments and 23 retail units, distributed across three buildings, including the Victorian Imperial Buildings shopping arcade.
The deal completed at close to £4m with income derived from residential, retail, car parking and ground rent totalling £470,000 per annum.
Rotherham Central is ideally located near to local rail and road links for commuters and lies adjacent to the town’s main retail core along Effingham Street and College Street. The scheme was developed in 2007 and is the town’s largest private rented sector-led scheme to date.
Alex Sweetman at GVA said: “We are delighted to conclude the sale of Rotherham Central as the scheme will play a pivotal role in the revitalisation of the town centre.
“The town is experiencing a healthy demand for high quality, PRS housing and with limited stock on the market, Rotherham Central presented a fantastic opportunity for potential purchasers.
“The deal was a fantastic start to the year for us and we anticipate a busy few months ahead.”
Eversheds acted on behalf of Iliad, while Shoosmiths James Bielby of Bielby Associates represented Modernistiq Developments.