Retail cash buyers
January 2010
We are delighted to announce that we have achieved more than the asking price for a retail unit and flat on Chesterton Road.
The property, which comprises 600 Sq. ft of retail space on the ground floor and a one-bedroom flat on the first floor, was put up for sale freehold with offers sought in excess of £250,ooo.
Ultimately, with seven bidders interested in buying the premises, five of whom were cash buyers, it went for considerably more.
Nick Muncey, who handled the sale on the half of Januarys said, "Properties like this are attracting substantial interest and I'm not entirely surprised that there was such a fierce bidding war. The unit forms part of a prominent local retail parade on one of the main arterial routes into Cambridge and there is on street parking immediately outside the shop.
"The number of cash bidders is also significant. Many shrewd investors with spare capital are eschewing the stock market in favour of bricks and mortar. Property, both commercial and residential, is once again becoming a favourable vehicle for people to invest in; a sure sign that the market is on the move and that things are getting better.
"I fully expect that the way this sale went is the shape of things to come."