Yorkshire retail and residential development sells for close to £4m

A retail and residential development in Yorkshire has sold for almost £4m.

GVA 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 private rented sector 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 £470k per annum.

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 for Iliad and James Bielby, of Bielby Associates, represented Modernistiq Developments.