Sold

Ashwell Point, Dales Manor Business Park, Babraham Road, Sawston, Cambridge, CB22 3LJ

Freehold

£3,255,000 / NIY 9.67%

Property Advisor

Richard Walden

Associate, Capital Markets

View Richard's profile

Brochure

Rare opportunity to acquire a freehold, multi let office with future development potential, on the established Dales Manor Business Park - 7 miles south of Cambridge City Centre.

Property specification

Low site cover of 20% (site area of 1.54 acres (0.623 hectares)
Total floor area provides 1,778 sq m (19,151 sq ft) of office accommodation
An extremely attractive car parking ratio of 1:190 sq ft (101 spaces)
Let to three tenants with a WAULT of 3.34 years to expiry and 2.14 years to break - all leases outside the L&T 1954 Act
A low passing rent of £320,526 per annum, reflects an attractive rate of £16.74 per sq ft overall
We believe the ERV is in the order of £335,142 per annum, equating to a low rate of £17.50 per sq ft, which is soft compared to refurbished office rents in the area
Asset management potential through refurbishment and reletting at a higher rent reflecting closer to £25 per sq ft
Short term development potential for a range of commercial uses or residential, subject to the necessary consents
£3,255,000 / NIY 9.67%

Lease terms

Offers sought in excess of £3,255,000 for the freehold interest, subject to contract and excluding VAT, reflecting a net initial yield of 9.25%, assuming standard purchaser's costs of 6.48% and a reversionary yield of 9.67%.