Two landmark Mansfield town centre buildings have sold – for a combined £3 million.
Two separate clusters of shop units on West Gate have been sold at auction, including the flagship former home of BHS, which has stood empty since the famous British retailer collapsed 12 months ago.
The lots were among a large number of commercial properties to go under the hammer at property auctioneer and investment specialist Acuitus’ latest auction in London.
Units 32-36b West Gate, comprising the former BHS site and neighbouring Clarks shoe store, have sold for £1.86 million, while units 44-50, comprising hair salon Toni & Guy, CEx Entertainment Exchange gaming store and clothes store Yours, as well as a 14-space car park, sold for £1.1m
David Margolis, Acuitus investment director and auctioneer, said the price was an accurate reflection of the market.
He said: “The sale was not uncharacteristic for the area and type of property.
“Both are expected to generate revenue, and one already has a tenant lined up.”
The sales are now going through legal process and being finalised – the buyers have not yet been revealed.
In its sales particulars about the BHS site, Acuitus said it was a “substantial town centre building comprising about 56,136 sq feet on a 0.62 acre site”, part let to C&J Clark International, who have been in occupation for nearly 30 years and with “potential to redevelop the former BHS variety store, with change of use opportunities” and providing rent of £84,000 per annu,
It said: “The property comprises a purpose-built former department store arranged on the ground, first, second and third floors with a substantial loading bay and service yard area to the rear, together with a separate self-contained shop arranged on the ground floor only.”
Units 44-50 are described as about 8,150 sq feet, with vacant land to the rear, providing rent of £113,500 per annum.
Acuitus said: “The property comprises three shops arranged on the ground, first and second floors.
“There is a large site to the rear of the property which provides car parking for 14 cars, which is vacant and may be suitable for redevelopment.”