Cambridge retail and residential parade hits open market

A prominent retail and residential parade on Hills Road, Cambridge has hit the market and will be offered for sale by auction in October.

55 – 59 Hills Road and 1-7 Station Road, is one of Cambridge’s most recognisable retail parades and comprises retail, office and residential property. Included are five shops, a restaurant, a nightclub and six self-contained residential units, plus a former maisonette (with planning to create two flats) and rear store with development potential. Part of the parade is currently let to Smokeworks Ltd, a popular new restaurant from the Cambs Cuisine Group on a new 20-year lease.

 

The property is only 350m from Cambridge train station and forms part of the city’s key business district. Nearby occupiers include by multi-national corporations such as KPMG, Deloitte, Microsoft, Apple and Amazon. The property fronts busy Hills Road which leads to the city centre.  

Philip Woolner, joint managing director, Cheffins comments:“This is a rare opportunity to purchase a block of property in a strategic and improving city centre location. The regeneration project for the district and the CB1 area has transformed this section of the city and now houses the new station square, with occupiers including Sainsbury’s and Pret A Manger, 500,000 sq ft of Grade A offices, 500,000 sq ft of prime residential and student accommodation and 50,000 sq ft of retail. This block of property links CB1 and the station to the city centre. The property offers a number of interesting asset management opportunities and perhaps some longer term development potential.” 

The property is held on a long lease with around 107 years unexpired and brings in a current income of around £181,433 per annum exclusive.  

The parade will be for sale via Acuitus Auctions on 19th October at the Radisson Blu Portman Hotel, London, W1H 7BG. It has a guide price of £2.95m. Cheffins is associate auctioneer for the sale.   

For further details please contact Philip Woolner at Cheffins on 01223 271910 

For media information, please contact Sophie Richardson, PR Manager at Cheffins, t: 01223 271990.

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