Tiverton House Sale
April 2009
Tiverton House sale indicates life in freehold commercial market, say Januarys.
Consultant surveyors Januarys say that their recent sale of the freehold of Tiverton House demonstrates activity within the commercial property market - if the building is in the right area.
Tiverton House, situated close to the southern inner ring road, has been bought by local property company the Whitfield Group. They intend to convert it into student accommodation.
The House was originally built by Cambridge City Council in the 1980s and used for sheltered accommodation. It currently comprises 32 units and has on-site parking. The building and gardens cover a total area of 21,660 sq ft. Its closeness to Mill Road means there is a wealth of local amenities on the doorstep and it would also be attractive for anyone wanting to study at Addenbrooke’s or Anglia Ruskin University.
Januarys Associate Nick Muncey, who was responsible for the sale, commented, “What’s interesting is that all the bidders were looking to purchase and hold onto the property – no one was buying it with the intention of making a quick sale.
“This would seem to suggest that buying for investment is the preferred approach for developers at the moment.”