21 Sep 2022 | 02:00 PM
Result:
Sold for £390,000
Freehold
123 Newmarket Road, Cambridge, Cambridgeshire, CB5 8HA
Lot 16
Result: Sold for £390,000
Key Features
- Freehold
- 2 self contained residential flats
- Ground floor retail premises
- Well located mixed-use investment property totally 171m² (1,837ft²)
Description
A rare chance to acquire a 4 storey mixed-use property occupying a prominent position at the western end of Newmarket Road in the heart of Cambridge city centre. The property is partly let and would benefit from some updating/refurbishment.
The building has solid brick walls beneath a pitched slate covered roof and features the following accommodation:
Basement Flat: Accessed via a shared entrance door to the left hand side of the shop, a private staircase leads to the flat which comprises an open plan Living Room/Bedroom with dual aspect windows, Kitchen and Bathroom. The GIA approx 44m².
Ground Floor: A commercial space which is currently trading as a hairdressing salon featuring a main retail space along with Kitchen, Cloakroom and Store. NIA of approximately 33m² (356ft²).
First/Second Floors: Duplex apartment accessed via a private staircase from the shared entrance to the side of the shop, has the following accommodation: First floor - Sitting Room, Kitchen with MDF base and wall units; Bathroom; Bedroom. Second floor - Two further Bedrooms. GIA approx 74 m².
Outside: To the rear of the property is a small garden which is mostly laid to grass with pedestrian access to rear.
The property would benefit from updating/refurbishment of the internal accommodation and therefore presents a wonderful opportunity for a buyer to add value.
Tenure
Freehold subject to tenancy
Location
The property is ideally positioned at the western end of Newmarket Road which is a bustling arterial route in the heart of Cambridge city centre, just a short walk from the historic Cambridge Colleges and retail areas.
Lot Type
Commercial
Tenancies
The ground floor retail area is let on a Tenancy at Will. The agreement commenced in April 2022 with a rent of £700 per calendar month (see legal pack for details). The flats will both be vacant on sale.
Legal Packs
www.cheffins.co.uk/auctions/property-auctions or Diana Yip of HCR solicitors, 50-60 Station Road, Cambridge, CB1 2JH
Viewing
Cheffins Commercial Department 01223 213666
Important notes
IMPORTANT: Cheffins would like to inform prospective purchasers that these sales particulars have been prepared as a general guide only. A detailed survey has not been carried out, nor the services, appliances or fittings tested. Room sizes should not be relied upon for furnishing purposes and are approximate. If floor plans are included, they are for guidance and illustration purposes only and may not be to scale. Images may have been digitally edited for illustration purposes. If there are any important matters likely to affect your decision to buy, please contact us before viewing the property.
*Guide prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve price (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set up to or within the Guide Range or no more than 10% above a single figure Guide. The reserve price will remain confidential between the seller and the auctioneer.
Fees: The guide price excludes any additional fees that the purchaser may incur, to include, but not limited to, Buyers Contract fee, Stamp Duty Land Tax, VAT, legal and search fees etc. Please refer to relevant Auction Legal Packs for details.