The property is located on City Road, a central Cambridge city location, close to the main entrance to the Grafton Shopping Centre. The busy and popular Burleigh Street, Fitzroy Street and East Road are all in close proximity providing excellent access to the heart of the city.
Cheffins secured the transaction with a number of interested parties bidding for the building and ultimately achieving in excess of the asking price with the Net Initial Yield equating to 5.3%.
Interaction Recruitment PLC took a new Full Repairing and Insuring lease of the whole premises for a term of ten years with a tenant only break at five years at a rent of £50,000 per annum exclusive, subject to review at the fifth year.
Steven Harvey of Cheffins commercial comments: “The appetite for central Cambridge investment property remains incredibly strong, especially in the office sector.The market in 2014/15 proved to be an extremely active year in terms of investment activity within Cambridgeshire, particularly in the city centre and the business park market. With many regarding the London market as being overheated, attention has turned to key regional locations and Cambridge, in particular, continues to be recognised as a safe haven. With the increased appetite for stock in the regions coinciding with an upturn in the market, vendors have been taking the opportunity to sell at premium values with a notable release of stock following many years of extremely restricted supply.”
Cheffins has successfully concluded over £20.5 million of investment transactions in the last 12 months.
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To discuss your property investment requirements please contact Philip Woolner or Steven Harvey on 01223 213666, www.cheffins.co.uk
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