55-59 Hills Road (odd numbers) and 1-7 Station Road (odd numbers) Cambridge Cambridgeshire CB1 2JB

  • 55-59 Hills Road (odd numbers) and 1-7 Station Road (odd numbers)<br>Cambridge<br>Cambridgeshire<br>CB1 2JB

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
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
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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).

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
Associate Auctioneers
Cheffins Clifton House, 1&2 Clifton Road
Cambridge
CB1 7EA
Philip Woolner 01223 271 986philip.woolner@cheffins.co.uk
Seller's Solicitors
BPE Solicitors St James House, St James Square
Cheltenham
Gloucestershire
GL50 3PR
Nicky Corner 01242 224433nicky.corner@bpe.co.uk

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk
AquillaNatasha Ward+44 (0)20 3159 4314+44 (0)7545 208 759natashaw@aquillaib.co.uk

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