freehold multi let office investment for sale … · rental value is £335,142.50 (£17.50 per sq...

FREEHOLD MULTI LET OFFICE INVESTMENT FOR SALEASHWELL POINT, DALES MANOR BUSINESS PARK, BABRAHAM ROAD, SAWSTON, CAMBRIDGE CB22 3LJ

2

Investment SummaryRare opportunity to acquire a freehold

multi let office on the established South

Cambridge Business Park - 7 miles south

of Cambridge City Centre

Low site cover of 20% - Site area of

1.54 acres (0.623 hectares) - Potential

for future redevelopment

Let to four tenants with two recently

re-geared leases providing a total of 1,779.12

sq m (19,151 sq ft) of office accommodation

An extremely attractive car parking ratio

of 1:190 sq ft (101 spaces)

WAULT of 5.09 years to expiry and 3.88 years

to break - all leases outside the L&T 1954 Act

A low passing rent of £315,991 per annum,

reflects an attractive rate of £16.50 per sq ft

Adjacent offices letting at £21.17 per sq ft.

We are of the opinion that the estimated

rental value is £335,142.50 (£17.50 per sq ft)

Asset management potential through

refurbishment and reletting at a higher rent,

or alternative uses, subject to planning

Medium term residential redevelopment

potential, subject to the necessary consents

Offers sought in excess of £4,235,000 for

the freehold interest, subject to contract and

exclusive of VAT, reflecting a net initial yield of

7.00% assuming standard purchaser’s costs

of 6.55% and a reversionary yield of 7.42%

ASHWELL POINT SAWSTON DALES MANOR BUSINESS PARK

Ipswich

Norwich

Felixstowe

A12

Harwich

M1

Leicester

Milton Keynes

Stansted

Ipswich

Norwich

King’s Lynn

Luton

PeterboroughPeterboroughPeterborough

Newmarket

Felixstowe

Harlow

A14

A14

A14A12

A11Northampton

Bury St. Edmunds

J19

A12Harwich

LONDONM4

Heathrow Airport

M25

M25

A1

A1

A1MM11

Not to scale - for indicative purposes only.

M6

M6

SawstonSawstonSawstonCambridgeCambridgeCambridge

33

Location The subject property forms part of Dales

Manor Business Park which is located off

Babraham Road at Sawston, 7 miles south

of Cambridge City Centre. The business

park is well positioned close to the A1307

for easy access to Cambridge city centre

and 2 miles from both Junction 10 of the

M11 and Junction 11 of the A11. The M11

provides access to London to the south

and Huntington and the Midlands via the

A14 to the north. The A11 connects to

the M11 to the south and provides access

to Norwich and the eastern roads to the

north. The A505 provides fast access to

the east and in turn to the A1(M).


Harston

To M25and London

Barton

Girton Milton

M11

M11

A14

A428

A10

A14

A1368

A603

A603

12

9

13

1432

33

11A1037

34

CAMBRIDGECAMBRIDGECAMBRIDGE

A11

A11A1307

A1301Duxford

LittleAbington

10

A505

B1052

A1301

Preferred route for HGV Access


BABRAHAM RD

SAWSTONSAWSTONSAWSTON

WhittlesfordWhittlesfordWhittlesford

Great ShelfordGreat ShelfordGreat Shelford

CambridgeCambridgeCambridge

9a


4

Situation Ashwell Point forms part of Dales Manor Business Park.

The two main industrial areas within Sawston are Dales

Manor Business Park to the northern side and Sawston

Trade Park to the southern side. Whilst Sawston Trade Park

has served predominately trade occupiers and smaller

industrial occupiers, Dales Manor Business Park is a far

larger estate and provides a broad mix of industrial,

warehouse, storage and office accommodation with

occupiers such as Unisurge International, Aspec Precision

Engineering, Morgan Sindall, AJW Distribution, Adwik, and

Ombar t/a Mood Foods Limited.

South Cambridgeshire Business Park is adjacent to the

property and provides approximately 66,000 sq ft of office

accommodation across 13 buildings. Immediately south of

Sawston centre on London Road the Howard Group have a

masterplan to develop a 260,000 sq ft business park

known as “Unity Campus” for which they are currently

seeking pre lets.

Bottisham

A143536

WhittlesfordWhittlesfordWhittlesford

SAWSTONSAWSTONSAWSTON

BABRAHAMBABRAHAMBABRAHAM

M11

M11

A11A1301

A1307

A1301

A11

A505

A505

CAUSEWAY

BRBA AH DA AM O R

10

GROVE ROADGROVE ROADGROVE ROADCAMBRIDGE ROADCAMBRIDGE ROADCAMBRIDGE ROAD

SAWSTONSAWSTONBY PASSBY PASSSAWSTONBY PASS

M11

THE SITE

6

4

3

N

J

1

A

G

H

F

10

19

H1

H3

M1

13

12

14

8684

8280

ES

S

Hall

Path

(um

)

Point

Bto D

7to

9

Ashwell

17to

18

EA

ST

WA

Dales Manor

Dales Manor

Business Park

Business Park

22

5

Description Ashwell Point is a self-contained, two storey 1960s brick

faced 'H' shaped office building under a pitched roof. Internally

the property comprises 1,779.12 sq m (19,151 sq ft) of office

accommodation.

The base internal specification includes; suspended ceilings

with recessed lighting, gas fired central heating and carpet tiles

throughout. Some areas have air-conditioning cassette units

that have been fitted by the tenants.

Externally the property provides 101 car parking spaces

(including 3 disabled spaces) which reflects an attractive

ratio of 1:190 sq ft. There are 10 fixed “Sheffield” style bicycle

lockups which provide space for a minimum of 20 bicycles to

be securely stored.

Meeting Room

S-H 1830mm

F-S 720mm

S-H 1830mm

F-S 720mm

S-H 1825mm

F-S 720mm

S-H 1830mm

F-S 720mm

S-H 1830mm

F-S 720mm

S-H 1830mm

F-S 720mmS-H 1830mm

F-S 720mm

S-H 1830mm

F-S 720mm

S-H 1830mm

F-S 720mm

S-H 1825mm

F-S 725mm

S-H 1825mm

F-S 725mm

S-H 1825mm

F-S 725mm

S-H 1825mm

F-S 725mmS-H 1825mm

F-S 725mm

S-H 1755mm

F-S 770mm

S-H 1825mm

F-S 720mm

S-H 1825mm

F-S 720mm

S-H 1825mm

F-S 720mm

S-H 1825mm

F-S 720mm

S-H 1825mm

F-S 720mm

S-H 1825mm

F-S 720mm

S-H

1

51

5m

m

F-S

1

01

0m

m

S-H

1

52

5m

m

F-S

1

02

0m

m

S-H

1

51

0m

m

F-S

1

02

0m

m

S-H

1

51

5m

m

F-S

1

02

0m

m

S-H 1150mm

F-S 1475mm

S-H

1

16

0m

m

F-S

1

40

0m

m

S-H 1815mmF-S 740mm

S-H 1815mmF-S 735mm

S-H 1815mmF-S 740mm

S-H

1

83

0m

m

F-S

7

40

mm

S-H

1

83

0m

m

F-S

7

40

mm

S-H 1810mm

F-S 735mm

S-H 1755mm

F-S 745mm

S-H 1755mm

F-S 745mm

S-H 1755mm

F-S 745mm

S-H 1815mm

F-S 735mm

S-H

1

51

5m

m

F-S

1

03

0m

m

S-H

1

51

5m

m

F-S

1

03

0m

m

S-H

1

52

0m

m

F-S

1

03

0m

m

S-H

1

51

0m

m

F-S

1

02

5m

m

S-H 685mm

F-S 1705mm

S-H 1815mm

F-S 700mm

S-H 1815mm

F-S 725mm

S-H 1815mm

F-S 720mm

S-H

1

82

0m

m

F-S

7

20

mm

S-H

1

81

5m

m

F-S

7

25

mm

S-H

1

82

0m

m

F-S

7

20

mm

S-H

1

82

0m

m

F-S

7

30

mm

S-H

1

82

0m

m

F-S

7

25

mm

S-H

1

83

0m

m

F-S

7

20

mm

S-H

1

82

0m

m

F-S

7

25

mm

S-H

1

83

0m

m

F-S

7

20

mm

S-H

1

83

0m

m

F-S

7

20

mm

S-H 1825mm

F-S 730mm

S-H

1

75

5m

mF

-S

77

0m

mS

-H

17

55

mm

F-S

7

70

mm

S-H 475mm

F-S 1690mm

S-H

1

83

0m

m

F-S

7

20

mm

S-H 1815mmF-S 735mm

S-H 1815mmF-S 735mm

X5

S-H 1830mm

F-S 720mm

S-H 1830mm

F-S 720mm

S-H 1825mm

F-S 720mm

S-H 1830mm

F-S 720mm

S-H 1830mm

F-S 720mm

S-H 1830mm

F-S 720mm

S-H 1830mm

F-S 720mm

S-H 1830mm

F-S 720mm

S-H 1830mm

F-S 720mm

S-H 1825mm

F-S 725mm

S-H 1825mm

F-S 725mm

S-H 1825mm

F-S 725mm

S-H 1825mm

F-S 725mm

S-H 1825mm

F-S 725mm

S-H 1755mm

F-S 770mm

S-H 1825mm

F-S 720mm

S-H 1825mm

F-S 720mm

S-H 1825mm

F-S 720mm

S-H 1825mm

F-S 720mm

S-H 1825mm

F-S 720mm

S-H 1825mm

F-S 720mm

S-H

1

51

5m

mF

-S

10

10

mm

S-H

1

52

5m

mF

-S

10

20

mm

S-H

1

51

0m

mF

-S

10

20

mm

S-H

1

51

5m

mF

-S

10

20

mm

S-H 1150mm

F-S 1475mm

S-H 475mm

F-S 1690mm

S-H

1

16

0m

m

F-S

1

40

0m

m

S-H 1815mmF-S 740mm

S-H 1815mmF-S 740mm

S-H 1815mmF-S 735mm

S-H 1815mmF-S 740mm

S-H

1

83

0m

m

F-S

7

40

mm

S-H

1

83

0m

m

F-S

7

40

mm

S-H 1810mm

F-S 735mm

S-H 1755mm

F-S 745mm

S-H 1755mm

F-S 745mm

S-H 1755mm

F-S 745mm

S-H 1815mm

F-S 735mm

S-H

1

51

5m

m

F-S

1

03

0m

m

S-H

1

51

5m

m

F-S

1

03

0m

m

S-H

1

52

0m

m

F-S

1

03

0m

m

S-H

1

51

0m

m

F-S

1

02

5m

m

S-H 685mm

F-S 1705mm

S-H 1815mm

F-S 700mm

S-H 1815mm

F-S 725mm

S-H 1815mm

F-S 720mm

S-H

1

82

0m

m

F-S

2

15

5m

mS

-H

18

20

mm

F-S

7

20

mm

S-H

1

81

5m

m

F-S

7

25

mm

S-H

1

82

0m

m

F-S

7

20

mm

S-H

1

82

0m

m

F-S

7

30

mm

S-H

1

82

0m

m

F-S

7

25

mm

S-H

1

83

0m

m

F-S

7

20

mm

S-H

1

82

0m

m

F-S

7

25

mm

S-H

1

83

0m

m

F-S

7

20

mm

S-H

1

83

0m

m

F-S

7

20

mm

S-H 1825mm

F-S 730mm

S-H

1

75

5m

mF

-S

77

0m

mS

-H

17

55

mm

F-S

7

70

mm

S-H 1830mm

F-S 720mm

S-H 1830mm

F-S 720mm

S-H 1825mm

F-S 720mm

S-H 1830mm

F-S 720mm

S-H 1830mm

F-S 720mm

S-H 1830mm

F-S 720mm

S-H 1830mm

F-S 720mm

S-H 1830mm

F-S 720mm

S-H 1830mm

F-S 720mm

S-H 1825mm

F-S 725mm

S-H 1825mm

F-S 725mm

S-H 1825mm

F-S 725mm

S-H 1825mm

F-S 725mm

S-H 1825mm

F-S 725mm

S-H 1755mm

F-S 770mm

S-H 1825mm

F-S 720mm

S-H 1825mm

F-S 720mm

S-H 1825mm

F-S 720mm

S-H 1825mm

F-S 720mm

S-H 1825mm

F-S 720mm

S-H 1825mm

F-S 720mm

S-H

1

51

5m

mF

-S

10

10

mm

S-H

1

52

5m

mF

-S

10

20

mm

S-H

1

51

0m

mF

-S

10

20

mm

S-H

1

51

5m

mF

-S

10

20

mm

S-H 1150mm

F-S 1475mm

S-H 475mm

F-S 1690mm

S-H

1

16

0m

m

F-S

1

40

0m

m

S-H 1815mmF-S 740mm

S-H 1815mmF-S 740mm

S-H 1815mmF-S 735mm

S-H 1815mmF-S 740mm

S-H

1

83

0m

m

F-S

7

40

mm

S-H

1

83

0m

m

F-S

7

40

mm

S-H 1810mm

F-S 735mm

S-H 1755mm

F-S 745mm

S-H 1755mm

F-S 745mm

S-H 1755mm

F-S 745mm

S-H 1815mm

F-S 735mm

S-H

1

51

5m

m

F-S

1

03

0m

m

S-H

1

51

5m

m

F-S

1

03

0m

m

S-H

1

52

0m

m

F-S

1

03

0m

m

S-H

1

51

0m

m

F-S

1

02

5m

m

S-H 685mm

F-S 1705mm

S-H 1815mm

F-S 700mm

S-H 1815mm

F-S 725mm

S-H 1815mm

F-S 720mm

S-H

1

82

0m

m

F-S

2

15

5m

mS

-H

18

20

mm

F-S

7

20

mm

S-H

1

81

5m

m

F-S

7

25

mm

S-H

1

82

0m

m

F-S

7

20

mm

S-H

1

82

0m

m

F-S

7

30

mm

S-H

1

82

0m

m

F-S

7

25

mm

S-H

1

83

0m

m

F-S

7

20

mm

S-H

1

82

0m

m

F-S

7

25

mm

S-H

1

83

0m

m

F-S

7

20

mm

S-H

1

83

0m

m

F-S

7

20

mm

S-H 1825mm

F-S 730mm

S-H

1

75

5m

mF

-S

77

0m

mS

-H

17

55

mm

F-S

7

70

mm

X9

First Floor

Ground Floor


THE SITE

6

Site The subject property comprises a site

area of 1.54 acres (0.623 hectares).

The building has an approximate

footprint of 13,500 sq ft which equates

to a very low site cover ratio of c. 20%.

Tenure Freehold.

Tenancies The property is let to four tenants in

accordance with the following tenancy

schedule on full repairing and insuring

terms with a service charge provision

for management of the communal

areas of the estate. All of the tenancies

are outside of the 1954 Landlord &

Tenancy Act Part II.

Service Charge The service charge expenditure for the

year ending 31 March 2018 was

£73,909 (£3.86 per sq ft). The budget

for the current year ending March 2019

is £64,000 (£3.34 per sq ft). There are

no shortfalls. Further information is

available upon request.

There is an estate service charge

payable for maintenance and upkeep of

the estate access roads within Dales

Manor Business Park which currently

totals £401.03 + VAT per quarter.

Tenant Area sq m Rent Per Annum ERV Lease Start Lease Expiry Comments .... (sq ft) (psf ) Per Annum (psf ) (Break)

Morgan Sindall 432 £76,807.50 £81,462.50 02/02/2018 01/02/2028 Construction & (4,655) (£16.50) (£17.50) (01/02/2023) Infrastructure Ltd

Frontier Silicon Ltd 925 £164,356.50 £174,317.50 02/02/2018 20/06/2023 Schedule of condition. ....... (9,961) (£16.50) (£17.50) 47 car parking spaces.

Innova Biosciences Ltd* 232 £41,134.50 £43,627.50 11/11/2015 10/11/2020 There is a rent review on 11/11/2018 to OMV. ..... (2,493) (£16.50) (£17.50) 13 car parking spaces.

Janus Technology Ltd 189 £33,693 £35,735.00 01/12/2014 30/11/2019 11 car parking spaces. ....... (2,042) (£16.50) (£17.50)

Total: 1,779 £315,991.50 £335,142.50 96 car parking spaces are demised, the remaining ...... (19,151) (£16.50) (£17.50) 5 are for visitors.

The current passing rent is £57,605.63 per annum. On 02/02/2019 there is a stepped increase to £64,006.25 per annum and on 02/02/2020 there is a final increase to £76,807.50 per annum which the vendor will ‘top up’.

On 02/02/2023 there is an upwards only review to OMV.

Schedule of condition.

25 car parking spaces.


*Innova Biosciences Ltd are currently not in occupation, but remain responsible for the lease.

37

Tenant Covenants

Frontier Silicon Ltd

... Frontier Silicon Ltd are a pioneer in digital audio and the Internet of

....... Things solutions as well as an electronic component manufacturer

.... and R&D company. They have recently achieved exciting new

involvement confirmed by Amazon to be an Alexa Voice Service Solutions Provider.

Frontier Silicon is now able to work with third party brands to integrate Amazon’s Alexa

voice assistant into smart IoT devices such as smart speakers and home security and

automation devices. Whilst their Cambridgeshire office is primarily used for R&D and

required to be close to Amazon, they also have offices in London, Hong Kong,

Shenzhen and Romania.

D&B Rating N2 Year to 31/12/2017 Year to 31/12/2016 Year to 31/12/2015

Turnover £41,046,000 £32,135,000 £31,721,000

Pre Tax Profit (Loss) £705,000 (£609,000) (£4,870,000)

Net Current Liabilities £8,745,000 £10,240,000 £12,514,000

Morgan Sindall Construction & Infrastructure Ltd

Morgan Sindall Construction & Infrastructure Ltd are the construction

division of the wider Morgan Sindall Group. Whilst they have 22 offices

across the country, Ashwell Point has been a historic location for the

firm, dating back to the Williams Sindall days.

Janus Technology Ltd

....... Janus Technology Ltd are a leading software consultancy

.......... and R&D company with specialist knowledge in technology

integration into building infrastructure. They have a specialist sub team focusing on

the “Smart Home” market and delivering solutions for businesses through the

Internet of Things. Some of their clients include Bose, Naim and Loewe.

Innova Biosciences Ltd

...... Originally a UK based company Innova Biosciences Ltd

..... have been establish for over 16 years and are specialist

providers of bioconjugation products and services as well as the manufacture of basic

pharmaceuticals. They were acquired by German pharmaceutical SYGNIS Pharma AG

in June 2017 for a sum of €11.5M due to their highly desirable range of antibody and

protein labelling products and services. As of 01/03/2018 SYGNIS has brought Innova

Biosciences and Expedeon Limited into the same group to form a powerful brand.

SYGNIS will continue to serve as Innova Biosciences’ ultimate parent company.

Accounts for Innova Biosciences are below:

D&B Rating 5A1 Year to 31/12/2017 Year to 31/12/2016 Year to 31/12/2015

Turnover £1,325,703,000 £1,261,995,000 £1,183,798,000

Pre Tax Profit (Loss) £18,482,000 £5,820,000 (£48,634,000)

Net Current Assets £23,877,000 £,4,108,000 (£1,944,000) (Liabilities)

D&B Rating A2 Year to 28/02/2017 Year to 29/02/2016 Year to 28/02/2015

Tangible Net Worth £144,854 £67,920 £82,091

Net Current Assets £135,469 £41,004 £58,669

D&B Rating O3 Year to 30/06/2016 Year to 30/06/2015 Year to 30/06/2014

Tangible Net worth £1,496,904 £1,258,233 £1,084,507

Net Current Liabilities £1,361,802 £1,082,643 £992,642


Occupational Market Dales Manor Business Park is situated on the "preferred"

south side of Cambridge, providing easy access to the M11

linking to London and the A11 to the rest of East Anglia.

Knowledge based industries now account for 30% of business

activity in Cambridge with Bio Tech, Digital Tech and High Tech

manufacturing accounting for an equal proportion of

knowledge based turnover which was up 16.2%.

Prime rents in Cambridge have continued to grow with a year-

on-year growth of 7.9% up to H2 2018 compared to 4.3% in

2017. Prime rents have broken the forty-pound mark hitting

an all new high of £41.00 psf. Cambridge is now the highest

rented office market in the UK outside of London. Prime rents

are forecasted to reach £44.00 psf by 2023.

Second hand office space is the primary focus for occupiers

in the Cambridge market. Demand continues to outstrip

supply with current requirements in excess of 831,000 sq ft.

Requirements for <20,000 sq ft space accounts for 50% of

all occupier demand, with 10,000-20,000 sq ft units

accounting for 28% alone.

Second hand supply has continued to decline over the last

5 years as more space is converted and redeveloped into

Grade A or residential accommodation. Availability stands

at 561,000 sq ft as of June 2018 down 8% on last year.

Availability of second-hand poorer quality space is currently

approximately 50,000 sq ft hitting a 5 year low. This in turn

has seen strong rental growth in secondary space with even

poor quality offices letting as high as £26.00 per sq ft.

Sawston Trade Park and Iconix Park were

acquired by the Howard Group as part of a

masterplan to redevelop into the new 260,000

sq ft business park known as “Unity Campus”

where they are seeking pre-lets between

10,000-60,000 sq ft quoting £26.50 per sq ft.

Adjacent are 3 office and R&D units known as

Iconix Park which have recently undergone

refurbishment and are quoting £23.50 psf

in a location just over 1 mile south from

Ashwell Point.

Below is a table of current availability and recent

letting activity:

Date Address Lease Terms Area Rent psf Comments ..... ..... (sq ft) (Net Effective)

In Market Unit B, South Cambridge Business Park, Flexible terms to be agreed. 2,126 Q. £21.17 Modern two storey office under a pitched roof. Air conditioning, .... Babraham Road, Sawston suspended ceilings with recessed cat 2 lighting, fibre broadband. ....... (adjacent to Ashwell Point) 9 car parking spaces at a ratio of 1:236 sq ft.

In Market Copley Hill Business Park, Flexible terms to be agreed. 1,500 Q. £25.00 Ground floor open plan office, Grade B specification providing ......... .. Cambridge Road, Babraham carpeting but no fit out. Secure gating and CCTV, 7 car parking .......... spaces at a ratio of 1:214 sq ft.

August 2018 Unit E5, Breaks House, HoTs currently in legals. 10 year term with a tenant break 1,734 £23.50 Second hand / Grade B. 1990s build self-contained, open plan ..... Mill Court, Great Shelford at year 5. Upward only OMRV rent reviews. 4 months rent free. 2nd floor at half rate office across 3 storeys. 8 car parking spaces at a ratio of 1:217 sq ft ....... (£22.72) ...... July 2018 Unit C1, Grain House, Mill Court, 6 year FRI term outside of the 1954 Act. Tenant only break 1,789 £23.50 Second hand / Grade B. 1990s build self-contained, open plan ......... Great Shelford option at year, 3.6 months rent free. (£22.33) office across 3 storeys. 8 car parking spaces at a ratio of 1:223 sq ft

April 2018 Grain House, Mill Court, Great Shelford 5 year FRI lease to Ultrafog. Outside of the 1954 Act. 913 £22.00 Second hand / Grade B. 1990s build, 5 office units to provide self-...... Tenant break option at year 3. 2nd floor at half rate contained, open plan space across 3 storeys. Car parking ratio of ..... 1:251 sq ft.

March 2018 Wellbrook Court, Girton Road, 10 year FRI lease to MM Wealth Limited, outside the 1954 Act. 4,575 £20.00 Air conditioning, LG7 lighting, suspended ceilings, raised floors. ..... ..... Cambridge 12 months rent free offered. (£18.00) 20 car parking spaces included in the demise which equates to a ....... ratio of 1:229.

July 2016 Magog Court, Hinton Way, 10 year term to Academics Limited. 2,936 £22.50 Second hand / Grade B converted barn style offices recently .... Shelford Bottom refurbished to provide comfort cooling, on site car parking.

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39

Date Address Area (sq ft) Lease Terms Rent pa (psf ) Price Yield Purchaser

Oct-18 The Property 19,151 Multi-let with a WAULT of 5.09 to expiry and 3.88 £315,992 £4.235m 7.00% Quoting Terms

..... to break. (£16.50)

Apr-18 Nexus House, Boundary Way, Hemel Hempstead 13,702 Multi-let to Aspin Group Limited and Transcend £227,083 £3.2m 6.66% Private

......... Information Europe B.V. with a WAULT of 5.91 years (£17.02)

............. to expiry and 3.25 year to break.

Dec-17 Mill Court, Great Shelford 38,488 Multi-let. £725,000 £9.85m 6.85% Hermes REIM

...... (£19.23)

Oct-17 Discovery House, Vision Park, Cambridge 9,034 Let to the Internet Watch Foundation with 6.5 years to £203,825 £3.8m 5.08% Royal London Mutual

............. expiry and 1.5 years to break. (£22.50)

May-17 Carlyle House, 22-28 Carlyle Road, Cambridge 10,623 Multi-let to 6 tenants. £278,614 £5.00m 5.25% Longmead Capital LLP

...... (24.00)

Investment Market Comparable investment transactions:-

Adjacent Planning Uses Sawston sits within the jurisdiction of South Cambridgeshire District Council. The South

Cambridgeshire Local Plan was adopted on 27th September 2018 and will run until 2031.

Sawston has been allocated as a “Rural Centre” in which development and redevelopment will

be permitted without any limit on individual scheme size, within the development frameworks

of Rural Centres. Ashwell Point has no allocation and is ‘white space’ whereas surrounding fields

and parts of Dales Manor Business Park have been allocated for housing under policy H/1 (a-h).

There is therefore potential to consider future residential use for the property (subject to

planning). Sawston exhibits a strong demand for housing, with the Local Plan releasing areas of

Green Belt space to accommodate the predicted 19,500 new homes required. Sawston is

a proven popular location for commuters due to its close proximity to Cambridge as well as

a convenient train line into London Liverpool St from Whittlesford Parkway station.

Salmon Harvester and Endurance Estates are underway constructing Phase 1 of the new

Cambridge South warehouse development on the former Marley Tiles site forming the north

west of the Dales Manor Business Park to provide a total of 135,000 square feet of warehouse

and business units. Phase 1 is due for completion in January 2019 and will provide approximately

68,000 sq ft of industrial space.


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SALMON HARVESTERSALMON HARVESTERCAMBRIDGE SOUTH DEVELOPMENTCAMBRIDGE SOUTH DEVELOPMENT

SALMON HARVESTERCAMBRIDGE SOUTH DEVELOPMENT

ASHWELL POINT

GROVE ROAD

GROVE ROAD

GROVE ROAD

Residential Allocation in the adopted Local Plan

BABRAHAM ROAD

BABRAHAM ROAD

BABRAHAM ROAD

Should you have any queries or

wish to make a site inspection,

please contact:

Richard Walden

DD: 020 3761 3649

[email protected]

Darryl Stevenson

DD: 020 7297 6277

[email protected]

Andrew Groves

DD: 020 7297 6274

[email protected]

Bidwells

25 Old Burlington Street

London W1S 3AN

Tel: 020 7493 3043

October 2018

Further Information

Asset Management Opportunities

• Opportunity to refurbish and increase rental

value in the short term

• Potential to extend or redevelop the unit to

provide additional accommodation*

• Potential to add an additional floor*

• Consider alternative use to residential*

*Subject to the necessary planning consents

EPC VAT D89. The property is elected for VAT.

Proposal Offers sought in excess of £4,235,000 (Four Million,

Two Hundred and Thirty Five Thousand Pounds)

for the freehold interest, subject to contract and

excluding VAT, reflecting a net initial yield of 7.00%,

assuming standard purchaser’s costs of 6.55% and a

reversionary yield of 7.42%.

11


Bidwells

25 Old Burlington Street

London W1S 3AN

Tel: 020 7493 3043

bidwells.co.uk

IMPORTANT NOTICE

Bidwells LLP act for themselves and for the vendors of this property, whose

agents they are, give notice that:

Nothing contained in these particulars or their contents or actions, both

verbally or in writing, by Bidwells LLP form any offer or contract, liability or

implied obligation to any applicants, viewing parties or prospective

purchasers of the property to the fullest extent permitted by law and should

not be relied upon as statements or representative of fact. No person in the

employment of Bidwells LLP or any joint agents has authority to make or give

any representation or warranty whatever in relation to this property. Any

areas of measurements or distances are approximate. The text, photographs

and plans are for guidance only, may not be to scale and are not necessarily

comprehensive. No assumptions should be made that the property has all

necessary planning, building regulation or other consents. Bidwells LLP has

not carried out a survey, nor tested the services, appliances or facilities.

Purchasers must satisfy themselves by inspection or otherwise. All rentals

and prices are quoted exclusive of VAT unless otherwise stated. Prospective

purchasers may be asked to produce identification of the intended Purchaser

and other documentation in order to support any conditional offers

submitted to the vendors. Bidwells LLP accepts no liability of any type arising

from your delay or other lack of co-operation. We may hold your name on our

database unless you instruct us otherwise.

OS licence no. ES 100017734. © Copyright Bidwells LLP 2017. Bidwells LLP

is a limited liability partnership registered in England and Wales (registered

number OC 344553). Registered office is Bidwell House, Trumpington Road,

Cambridge CB2 9LD where a list of members is available for inspection.

Your statutory rights are not affected by this notice.

freehold multi let office investment for sale … · rental value is £335,142.50 (£17.50 per sq...

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