Three Different Opportunities
October 2011
Januarys have recently sold three different commercial premises, presenting three different sectors of the commercial market.
1 and 2 Wellington Court, Wessex Place in Magrath Avenue and The Zebra in Maids Causeway have all attracted significant interest and are at varying stages of the sale process.
1 and 2 Wellington Court, situated just off Newmarket Road, is currently a pair of semi-detached offices. It is in an area that has seen an increasing amount of residential development recently and in April this year the site was granted planning permission for four one bed and two studio flats.
Just up the road, The Zebra occupies a prominent position on one of Cambridge's main arterial routes. Most recently a pub, it has over 1200 sq feet of space.
The third and most substantial site is in Wessex Place. Some 0.4 acres in size, Wessex Place is a former care home and, although there is no planning permission in place, possible uses could include houses, apartments or student accommodation.
Nick Muncey says that the properties offer very different opportunities.
“1 and 2 Wellington Court is the most straight forward proposition. With planning in place, prospective purchasers will benefit from the residential redevelopment of the former Cambridge Regional College site across the road as well as two other smaller schemes close by.
“Wessex Place offers the greatest opportunity to any developer, whilst The Zebra is the most intriguing prospect of the three. It could continue as a pub, or perhaps be turned into a restaurant or residential accommodation.
“I am delighted to say that we have received significant interest on all three sites. All are being sold by way of sealed bids and we need to assess the bids not only on the price but also the realism of a sale completing.
“The interest in these properties is further proof that the commercial market in Cambridge continues to enjoy good health, especially where there is the possibility of replacing business premises with residential.”