Address:47- 48 Sidney Street and 40 Green Street,
Area:456.6 Sq M
T: +44 (0)20 7333 6274
E: [email protected]
T: +44 (0)20 3486 3475
E: [email protected]
- Prominent Cambridge city centre retail investment with uppers.
- Well located in the historic city centre with an attractive return frontage on Sidney Street and Green Street.
- Nearby retailers include Oliver Bonas, Waterstones, Bill’s and Sainsbury’s.
- The property comprises a Grade II listed building offering 3,590 sq ft of retail accommodation on ground and first floor with 1,325 sq ft of ancillary and office accommodation on second and third floors.
- The property is single-let to Edinburgh Woollen Mill Limited on a 25 year lease expiring on 6 March 2022, providing 4.4 years unexpired at a passing rent of £194,000 per annum, equating to £140 psf ITZA.
- Prime high street retail rents in Cambridge are £295 psf ITZA.
- 100% of the contracted income is secured against a 5A1 covenant.
- The ground floor of 40 Green Street has been sub-let to a café, whilst part of the second floor and the third floor of 47-48 Sidney Street is sub-let to an office occupier.
- The property is held freehold.
- Asset management opportunities to re-gear with the tenant and increase the headline rent, re-gear directly with sub-tenants or convert the uppers to residential (subject to planning).
- Offers are sought in excess of £3,760,000 (Three Million Seven Hundred and Sixty Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 4.85%, after the deduction of purchaser’s costs of 6.52%.
For further information or to arrange an inspection, please contact either Jason Nearchou (020 3486 3475), Hettie Cust (020 3486 3484), Verity Youlden (020 7518 7277) or Richard Lines (020 7333 6274).
Cambridge is a world-famous university city, serving as the administrative centre for Cambridgeshire, boasting a rich history and an affl uent economy. Cambridge is located approximately 55 miles north of London, 40 miles south of Peterborough and 35 miles west of Bury St Edmunds.
The property occupies a prominent city centre position on the southern corner of Sidney Street and the western corner of Green Street, within Cambridge’s historic city centre. Surrounding retailers include Sainsbury’s, Santander, Oliver Bonas, Bill’s, Waterstones and Rymans. Green Street hosts a number of independent shops and restaurants. The Lion Yard and Grand Arcade Shopping Centres are in close proximity to the property (0.3 miles south), only a few minutes’ walk along Sidney Street and adjoining St Andrews Street.
The property is Grade II listed and is in a conservation area.
The site is offered for sale freehold registered under title number CB112396.