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Shakespeare House, 42 Newmarket Road, Cambridge CB5 8EP

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Sold

Shakespeare House, 42 Newmarket Road, Cambridge CB5 8EP

Freehold

£6,520,000 / NIY 6.50%

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Rare opportunity to acquire a freehold office investment in central Cambridge, with excellent future development potential.

Property specification

  • 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
  • Low capital value of £411 per sq ft
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%

Location

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

Location

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

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