Property Auctions 19/Oct/2017 | 55-59 Hills Road (odd numbers) and 1-7 Station Road (odd numbers), Cambridge, Cambridgeshire, CB1 2JB

Substantial and Prominent Unbroken Retail and Residential Parade Investment

Approximately 350 metres from Cambridge Railway Station
Five shops, restaurant, nightclub, six self-contained residential units plus former maisonette (with planning) and vacant rear store with development potential
Part let to restaurant trading as Smokeworks on new 20 year lease (no breaks)
Includes large vacant self-contained accommodation with recent planning to create two flats
Asset management (including lease renewal/rent review negotiations) and redevelopment opportunities (subject to consents)
Prominent corner location opposite University of Cambridge Botanic Garden with nearby occupiers including KPMG, Deloitte, Microsoft, Apple and Amazon

Lot 10
Auction 19th October 2017
Rent £181,443 per Annum Exclusive
Status Sold
Price £3,330,000
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 350 metres from Cambridge Railway Station, Less than 3/4 mile from Cambridge City Centre
Roads: A1307 (Hills Road), A1134,; M11 (Junction 12)
Rail: Cambridge Railway Station

Situation

The property is prominently situated on the principal thoroughfare leading from Cambridge Railway Station to the City Centre. The property fronts the busy Hills Road, which leads directly to the City Centre, and Station Road, with Cambridge Railway Station 350 metres away. KPMG occupy offices directly opposite the property, with other nearby occupiers including Apple, Amazon, Deloitte, Microsoft, Mills & Reeve, Eversheds, Slater & Gordon LLP, Carter Jonas, Irwin Mitchell Solicitors, Pret a Manger and Sainsbury's.

Tenure

Long Leasehold. Held from The Master of Keeper, Fellows, Scholars of Jesus College, Cambridge for a term of approximately 125 years from 27th May 1999 expiring on 23rd June 2124 at a current ground rent of £100 per annum, doubling every 25 years.

Location

Miles: 350 metres from Cambridge Railway Station, Less than 3/4 mile from Cambridge City Centre
Roads: A1307 (Hills Road), A1134,; M11 (Junction 12)
Rail: Cambridge Railway Station

Situation

The property is prominently situated on the principal thoroughfare leading from Cambridge Railway Station to the City Centre. The property fronts the busy Hills Road, which leads directly to the City Centre, and Station Road, with Cambridge Railway Station 350 metres away. KPMG occupy offices directly opposite the property, with other nearby occupiers including Apple, Amazon, Deloitte, Microsoft, Mills & Reeve, Eversheds, Slater & Gordon LLP, Carter Jonas, Irwin Mitchell Solicitors, Pret a Manger and Sainsbury's.

Tenure

Long Leasehold. Held from The Master of Keeper, Fellows, Scholars of Jesus College, Cambridge for a term of approximately 125 years from 27th May 1999 expiring on 23rd June 2124 at a current ground rent of £100 per annum, doubling every 25 years.

Description

The property comprises an unbroken parade of five shops, a nightclub, a restaurant and six self-contained residential units above. The property benefits from vacant self-contained accommodation on the (part) first and second floors with planning permission to convert to two flats, and a rear store with development potential along with parking to the rear.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises an unbroken parade of five shops, a nightclub, a restaurant and six self-contained residential units above. The property benefits from vacant self-contained accommodation on the (part) first and second floors with planning permission to convert to two flats, and a rear store with development potential along with parking to the rear.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
55a Hills Road	Ground Basement	Café Ancillary	25.64 sq m 23.59 sq m	(276 sq ft) (254 sq ft)	M DALHY t/a Joy Coffee Bar & Patisserie	15 years from 29/10/2014 until 28/10/2029	£13,000	29/10/2017 and three yearly thereafter
55 Hills Road	Ground Basement	Retail Ancillary	43.10 sq m 28.61 sq m	(464 sq ft) (308 sq ft)	Y SAVVA t/a Hills Barbers	15 years from 20/01/2010 until 19/01/2025	£16,500	20/01/2019 and five yearly thereafter
Rear of 55 Hills Road	Ground	Store	37.81 sq m	(407 sq ft)	VACANT	-	-	-
Flat 1 55 Hills Road	First	Residential	2 bedroom flat		INDIVIDUAL	Regulated Tenancy from 01/09/1982	£4,920	-
Flat 2 55 Hills Road	Second	Residential	2 bedroom flat		INDIVIDUAL	99 years from 27/05/1999 until 26/05/2098	£25 rising by £25 every 25 years	27/05/2024 and 25 yearly thereafter
57 Hills Road	Ground Basement	Restaurant/ Ancillary Restaurant/ Ancillary	108.79 sq m 45.42 sq m	(1,171 sq ft) (489 sq ft)	REGAL STAR LIMITED t/a Le Gros Franck Restaurant	10 years from 25/12/2015 until 24/12/2025	£24,000	25/12/2020
57a Hills Road	First/Second	Residential	3 bedroom maisonette		INDIVIDUAL	Regulated Tenancy from 29/09/1970	£6,998	-
59/59a Hills Road	Ground Basement First/Second	Restaurant/ Ancillary Ancillary Residential	121.70 sq m 55.74 sq m -	(1,310 sq ft) (600 sq ft) (-)	A SABIR t/a Abjad Hawaz Lounge	20 years from 25/12/1996 until 24/12/2016 (holding over)	£30,000	-
1 Station Road	Ground/ Basement	Entrance /Nightclub	127.83 sq m	(1,376 sq ft)	A SABIR t/a Q Club	20 years from 25/12/1996 until 24/12/2016 (holding over)	£17,500	-
1-3 Station Road	Ground Basement	Restaurant/ Ancillary Restaurant/ Ancillary	116.59 sq m 91.97 sq m	(1,255 sq ft) (990 sq ft)	SMOKEWORKS LIMITED (1) t/a Smokeworks	20 years from 01/03/2017 until 28/02/2037	£52,000 rising to £53,000 in March 2019 rising to £54,000 in March 2020 rising to £55,000 in March 2021	01/03/2022 and 5 yearly thereafter
1a Station Road	First/Second	Residential - 12 Room HMO	-	(-)	INDIVIDUAL	99 years from 27/05/1999 until 26/05/2098	£250	-
1-3 above Station Road	First/Second (former 3 bedroom maisonette)	Comprises 3 rooms, kitchen and bathroom	-	(-)	VACANT - Planning Permission dated 23/09/2016 to create 2 x 1 bedroom flats	-	-	-
5a Station Road	First/Second	Residential	3 bedroom maisonette		INDIVIDUAL	189 years from 27/05/1999 until 26/05/2188	£25 rising by £25 every 25 years	27/05/2024 and 25 yearly thereafter
7 Station Road	Ground Basement	Retail Ancillary	40.50 sq m 34.84 sq m	(436 sq ft) (375 sq ft)	ADILIAS STATION ROAD BAKERY LIMITED t/a Norfolk Street Bakery	15 years from 25/12/2015 until 24/12/2030	£16,000	25/12/2020 and 25/12/2025
7a Station Road	First/Second	Residential	3 bedroom maisonette		TWO INDIVIDUALS	99 years 27/05/1999 until 26/05/2098	£25 rising by £25 every 25 years	27/05/2024 and 25 yearly thereafter
7c Station Road/Station Mews	Basement/ Ground/First	Office/ Residential	-	(-)	TWO INDIVIDUALS	125 years (less 10 days) from 24/06/1989	£200 doubling every 25 years	24/06/2039 and 25 yearly thereafter
Total Commercial Area			902.13 sq m	(9,711 sq ft)			£181,443

(1) Smokeworks Limited are a part of Cambs Cuisine, who operate from over 8 locations throughout the Cambridgeshire area. Other operations include The Cock Hemingford Grey, The Tickell Arms, The Crown & Punchbowl, The Cambridge Chop House, The St John's Chop House, Millworks and The Cambridge Dining Company (Source: www.cambscuisine.com 10/08/2017).

Note
Planning permission was granted on 23rd September 2016 to convert the upper parts above 1-3 Station Road into two individual one bedroom flats (Ref: 16/1010/FUL).