Commercial property Sold
Rare Freehold Multi Let Office Investment for Sale - Clarendon House, Clarendon Road, Cambridge
Property > Commercial > Property Sold in Cambridge
Summary
An opportunity to acquire a multi let, freehold office building in central Cambridge, in close proximity to Cambridge railway station
Cambridge is a world famous University city and global centre of excellence for research and development, medicine, business and education. Cambridge is widely recognised as a leading high `technology business cluster and is the heart of one of the most dynamic economic sub regions within the UK
Three storey office building totalling 23,816 sq ft with an excellent car parking ratio of 1:433 sq ft (55 car spaces)
Multi let to five tenants on six leases
AWULT of 4.31 years and 2.58 years to breaks
Total rent of £657,924 per annum which equates to an overall rate of £27.63 per sq ft
ERV of £774,021 per annum reflecting £32.50 per sq ft overall
Passing rents are at a substantial discount to prime office rents in Cambridge which have now exceeded £46.50 per sq ft
Real asset management opportunities to complete outstanding rent reviews / regear leases / refurbish and maximise rent / rentalise car parking / secure VP for total redevelopment
Potential to increase massing on the site - infill under croft / add additional floors / consider alternative uses - student / residential / hotel or aparthotel are options, subject to planning
Our client is seeking offers in excess of £13,000,000 subject to contract and exclusive of VAT for the freehold interest, reflecting a net initial yield of 4.75%, a potential reversionary yield of 5.58% (based on our opinion of ERV) and an equivalent yield of 5.54% (allowing for standard purchaser's costs of 6.67%)
Low capital value of £545 per sq ft
Gallery
Done
Transport
Airport
Bus Station/Stop
Tube Station
Train Station
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