Commercial property
Investment for sale
Freehold Office Investment for Sale - Wellington House, East Road, Cambridge

Investment for sale
£7,500,000 / NIY 4.75%
Summary
  • An opportunity to acquire a single let freehold office building in central Cambridge

  • 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 16,645 sq ft over 4 storeys with an excellent car parking ratio of 1:616 sq ft (27 spaces)

  • Single let to Cambridge East Road Centre Ltd (Company No. 08809205)

  • Lease term expiring 30/11/2024 giving just under 5 years unexpired

  • Initial rent of £380,000 per annum which equates to £23.16 per sq ft

  • Reversionary ERV with outstanding rent review from 30/11/2019

  • Passing rent is at a substantial discount to prime office rents in Cambridge of £46.50 per sq ft

  • Asset management opportunities to maximise rent at the outstanding rent review / regear lease / rentalise car parking in the future / refurbish

  • 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 £7,500,000 subject to contract and exclusive of VAT for the freehold interest, reflecting a net initial yield of 4.75%, allowing for standard purchaser's costs at 6.66%

  • Low capital value of £450 per sq ft

  • Following settlement of the outstanding rent review based on the following ERVs the potential reversionary yield would be:

ERV (£PSF) Reversionary Yield
£30 6.47%
 £31  6.69%
 £32  6.91%
 £33  7.12%
Done
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