21 Hills Road, Cambridge

Office / Investment For Sale, Cambridge

• Overview

  Proposals are sought from a joint venture partner to fund the development of REAFF House, a prime and unique mixed-use off and restaurant / bar.
  
  Our client owns the site and we are instructed to seek offers from joint venture partners to fund the development.
  
  The total funding requirement is £9,558,319. The company has access to an existing senior debt facility of £6,700,000 which would reduce the level of equity required from a JV partner to only £2,858,319 and produces a projected return on equity of 58.46%.
  
  Alternative consideration will be given to a freehold site sale at £2,500,000 subject to contract and exclusive of VAT.

• Property specification

  • REAFF House will deliver a high specification BREEAM 'Excellent' development.
  • The offices will be arranged over basement, ground and 3 upper floors totalling approx. 12,917 sq ft (1,200 sq m).
  • Restaurant / bar over ground floor and basement totalling approx. 2,971 sq ft (276 sq m).
  • Start on site Q2 2026. Practical completion Q3 2027.
  • Projected Rent: Offices - £795,330 pa (£63.75 per sq ft with 25% discount for basement level and £3,000 for parking space), Restaurant / Bar - £65,000 pa (£21.88 psf) Total - £863,330 pa