Freeholds Offer Opportunity
May 2010
A ground floor retail outlet and first floor three bedroom flat on Chesterton Road, along with an adjoining residential property and development opportunity on Trafalgar Road, are being offered for sale freehold by Cambridge Consultant Surveyors Januarys.
The properties, which are for sale either separately or as a single unit, represent an excellent opportunity according to Nick Muncey, who is handling the sale on behalf of Januarys.
“The Chesterton Road retail site is part of an established and successful parade of shops; only recently we sold a vacant outlet previously occupied by Threshers.
“The shop is on a ten year lease and currently returns a rent of £13,750 pa ex with a rent review due in five years, whilst the three bedroom flat above is let at £700 pcm.
“The Trafalgar Road section of the deal is potentially the most interesting. Whilst the existing three bedroom house brings in £1350 pcm, the adjoining plot comes complete with planning permission for a three bedroom, three storey town house.
“All in all, I think this sale represents the best of all worlds. A regular income which currently stands at more than £38,000 per year and the opportunity to add to that and the value of the site as a whole by building another property has to be an attractive proposition.
“This sale is just one of an increasing number of freeholds we’re seeing come on to the market as confidence returns to the commercial sector. I fully expect it to reach a good price.”