Shakespeare House, Newmarket Road, Cambridge, Cambridgeshire, CB5 8EP

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
• £6,520,000 / NIY 6.50%

Lease terms

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%.