Essex House, a major freehold investment opportunity has been launched to the market in central Cambridge by PAI member Cheffins and joint agent Carter Jonas. The building, which will comprise of 15 newly developed apartments and a fully let commercial/retail parade, is being marketed for offers in excess of £4.65m.
Essex House is an attractive Art Deco-style building of over 10,158 sqft which currently includes four retail units on the basement and ground floors. The offices on the first and second floors are being extensively refurbished to provide 15 quality residential flats which have estimated rental values of between £910 and £1,200 pcm. Developed with open planning consent, the apartments will allow for a wide range of occupier types including students, serviced apartments or short-term lets. The commercial units generate a rent of £72,400 per annum.
Essex House is situated on Regent Street, one of Cambridge’s major city centre thoroughfares, within walking distance of the main railway station, the business district around CB1, Hills Road and the city centre.
Philip Woolner, joint Managing Partner at Cheffins says; “Essex House is one of very few large freehold mixed use investment opportunities to have come to the market in central Cambridge over the last few years. The Cambridge residential property market continues to be one of the fastest growing in the UK and with estimated rental yields of around five per cent for the apartments, Essex House will be of interest to investors looking for a landmark opportunity with good long term growth potential. Similarly, the Cambridge retail market has held firm in spite of the coronavirus pandemic, with units in key locations continuing to attract interest from both multi-national and local occupiers. With its resilient market and high occupancy rates, Cambridge has seen strong inward investment over recent years as it continues to be one of the most sought-after locations for both private and corporate investors. With the majority of freehold buildings under ownership of the Cambridge Colleges and other institutions, Essex House is a rare opportunity to acquire a significant land holding in the prime city centre area.”
Essex House is offered for sale freehold, subject to the leases of the commercial units and with vacant possession of the 15 apartments. Offers are being invited in excess of £4.65m.
For further information contact Philip Woolner at Cheffins.