Commercial property
Under Offer Rare Freehold Central Cambridge Office Sale & Leaseback Investment : Shakespeare House, 42 Newmarket Road, Cambridge

Summary

• Rare opportunity to acquire a freehold office investment in central Cambridge, with excellent future development potential
• 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
• Four storey office building totalling 1,472.55 sq m / 15,850 sq ft with an excellent car parking ratio of 1:932 sq ft (17 spaces)
• Sale and Leaseback to regional solicitors Hewitsons LLP on a new 5 year term from completion with a rolling tenant break option from the expiry of year 2
• Initial rent of £451,725 per annum reflecting £28.50 per sq ft
• Passing rent at substantial discount to prime office rents in Cambridge are now at £48.50 per sq ft
• Asset management opportunities to increase rent through refurbishment and rentalising car parking in the future
• Future potential to increase massing on the site via infill of  under croft and adding additional floors / total redevelopment / securing alternative uses such as student / residential / hotel or aparthotel, subject to planning
• Offers in excess of £6,520,000 subject to contract and exclusive of VAT, for their freehold interest. A purchase at this level would reflect a net initial yield of 6.50% assuming standard purchaser’s costs of 6.64%
• Low capital value of £411 per sq ft