47-48 sidney street and 40 green street, cambridge cb2 3hx · pdf filenearby retailers include...

47-48 Sidney Street and 40 Green Street, Cambridge CB2 3HX

Freehold City Centre Retail Investment With Uppers

47-48 SIDNEY STREET AND 40 GREEN STREET, CAMBRIDGE CB2 3HX2

INVESTMENT SUMMARY

■ Prominent Cambridge city centre retail investment with uppers.

■ Well located in the historic city centre with an attractive return frontage on Sidney Street and Green Street.

■ Nearby retailers include Oliver Bonas, Waterstones, Bill’s and Sainsbury’s.

■ The property comprises a Grade II listed building offering 3,590 sq ft of retail accommodation on ground and first floor with 1,325 sq ft of ancillary and office accommodation on second and third floors.

■ The property is single-let to Edinburgh Woollen Mill Limited on a 25 year lease expiring on 6 March 2022, providing 4.4 years unexpired at a passing rent of £194,000 per annum, equating to £140 psf ITZA.

■ Prime high street retail rents in Cambridge are £295 psf ITZA.

■ 100% of the contracted income is secured against a 5A1 covenant.

■ The ground floor of 40 Green Street has been sub-let to a café, whilst part of the second floor and the third floor of 47-48 Sidney Street is sub-let to an office occupier.

■ The property is held freehold.

■ Asset management opportunities to re-gear with the tenant and increase the headline rent, re-gear directly with sub-tenants or convert the uppers to residential (subject to planning).

■ Offers are sought in excess of £3,760,000 (Three Million Seven Hundred and Sixty Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 4.85%, after the deduction of purchaser’s costs of 6.52%.


Cambridge is a world-famous university city, serving as the administrative centre for Cambridgeshire, boasting a rich history and an affl uent economy. Cambridge is located approximately 55 miles north of London, 40 miles south of Peterborough and 35 miles west of Bury St Edmunds.

The property occupies a prominent city centre position on the southern corner of Sidney Street and the western corner of Green Street, within Cambridge’s historic city centre. Surrounding retailers include Sainsbury’s, Santander, Oliver Bonas, Bill’s, Waterstones and Rymans. Green Street hosts a number of independent shops and restaurants. The Lion Yard and Grand Arcade Shopping Centres are in close proximity to the property (0.3 miles south), only a few minutes’ walk along Sidney Street and adjoining St Andrews Street.

Dartford

Bognor RegisPortsmouth

Chichester

Brighton

Colchester

Ipswich

BishopStortford

Bedford

Northampton

MiltonKeynes

Oxford

Sudbury

Buckingham

Stevenage

RoyalLeamington

Spa

Winchester

Andover

Newbury

BasingstokeWoking Sutton

Horsham

Maidenhead

HighWycombe

Slough

St.Albans

Sevenoaks

RoyalTunbridge Wells

Eastbourne

Godalming

Swindon

Stratford-upon-Avon

Cirencester

Chippenham

Bath

Salisbury

Bournemouth

Southampton

Weymouth

Shaftsbury

Marlborough

Cheltenham

Gloucester

GuildfordFarnborough

Crawley

Croydon

Bromley

EnfieldWatford

Maidstone

Gatwick

Heathrow

Chelmsford

Stansted

Aylesbury

Reading

Yeovil

Taunton

Exeter

Torquay

PlymouthNewquay

Barnstaple

Western-Super-Mare

Newport

Swansea

Llanelli

Aberystwyth

Hereford

Monmouth

Worcester

Kidderminster

Shrewsbury

Redditch

WolverhamptonNuneaton

Peterborough

Derby

Stafford

Stoke-on-Trent

Newark-on-Trent

LincolnChesterfieldChester

Colwyn Bay

OldhamBolton

Blackburn

Southport

Blackpool

Preston

Wigan

Stockport

Huddersfield

Halifax

Grimsby

ScunthorpeDoncaster

Rotherham

Barnsley

Hull

YorkHarrogate

Scarborough

Morecambe

MiddlesbroughDarlington

Carlisle

Dumfries

Durham

Sunderland

Kilmarnock

East Kilbride

Livingston

Greenock

St. Andrews

Dunfermline

Stirling

PerthDundee

Wokingham Bracknell

Poole

Warminster

Southend-on-Sea

Norwich

Carrickfergus

Bangor

Newtonards

ComberLisburn

Lurgan

Ballymena

Sittingbourne

Abingdon

Runcorn

Knowsley

Crewe

Cumbernauld

Yardley

Rugby

Whetstone

Isle ofMann

M40

M1

M4

M3

M23

A1M

M25

M25

M25

M25

M26

M2

M4

M4

M3

M5

M5

M5

M5

M5

M5

M4

M4M48

M50

M40

M42

M42

M6

M6

M54

M6

M1

M1

M1

M1M6

M6

M6

M6

A74M

A74M

M53

M56

M57

M55

M60

M61

M55

M62

M62

M66

M62M62

M62

M18

M18

M18

M180

A1M

A1M

A1M

A1M

A1M

M74

M74

M8

M77

M80

M8

M9

M9

M90

M1

M1

E01

E01

M3

M3

M2

E01

N7

E20

M9

M9

E01

E01

M7

M8

E201

M6

M3

M3

M3

M58

M8

M73M80

M69

M6TOLL

A34

A34

A420

A40A418

A346

A34

A429

A338

A303

A37

A354

A361

A350

A37

A35

A31

A35

A303

A37

A361

A38

A361

A377A386A39

A30

A30

A386

A38

A39A30

A390

A31

A272

A27

A21A272 A259

A229

A2070

A28 A2

A28

A2

A21

A3

A24

A130

A127

A12A413

A41

A414

A120

A10

A10

A5

A1

A131

A43

A429

A44

A419

A48

A424

A465

A49

A456

A44

A449

A465

A438

A470

A470

A470

A487

A44

A40

A40

A483

A26

A22

A36A350

A30

A358

A417

A429

A46

A433

A303

A487

A487

A44A470

A470 A483

A483

A458

A494

A5

A470

A458

A41

A495

A494

A5

A470

A487

A55A55

A53

A53

A495A483

A50

A52

A515

A449

A442

A606

A15

A1

A423

A34

A141

A14

A38

A11A6

A47

A148

A1065

A1065

A1065

A134

A140

A141

A134

A143

A12

A17

A14

A14

A428A6

A45

A605

A43

A16

A52A52

A17

A158

A16

A46A6A38

A444

A511

A515

A523

A34A46

A46

A16A156

A614

A631

A1

A61A6

A60

A623

A628

A523

A34

A15

A47

A458

A15

A614

A19

A59 A166

A64A19

A170

A565

a666A6033

A59

A65 A61

A19

A165A1079

A171

A66

A595

A591

A6

A69

A68

A68

A595A596

A68

A696

A1

A189

A697

A697

A1

A1

A68

A701

A702

A702

A721

A7

A75

A76

A701

A75

A75

A77

A70

A76

A71

A737

A78

A811A82

A84

A85

A85

A9

A91

A915

A91

A92A915

A92

A82

A85

A816

A83

A9

A90

A90

A72

A66

A698

A66

A66

A66

A685

A41

A49

A5

A483

A12

A12

A133

A140

A140

A146

A47

a646

A83

A985

A71

A7

A7

A1

A607

A26

A26

A7

A24

A2

A36

A8

A52

A1

A27

A28

A29

A44

A29

A505

A6

A5

N2

A4

A4A32

N15A5

A2

N13

N56

N54

A3N16

A509

N87

N3

N55

N2

N51

N52

N4

N55

N5

N63

A75

N80N52

N62 N7

N81

N81

N62

N76

N77N78 N80

N30

N25

E01

N24

N25

N25

N24

A775

J9

J13

J8

J15

Pontypridd

BIRMINGHAM

NOTTINGHAM

SHEFFIELD

LEEDS

LIVERPOOL

NEWCASTLEUPON TYNE

GLASGOW

EDINBURGH

CARDIFFBRISTOL

DUBLIN

BELFAST

BRADFORD

LEICESTER

MANCHESTER

BIRMINGHAM

NOTTINGHAM

SHEFFIELD

LEEDS

LIVERPOOL

NEWCASTLEUPON TYNE

GLASGOW

EDINBURGH

CARDIFFBRISTOL

DUBLIN

BELFAST

BRADFORD

LEICESTER

MANCHESTER

A406

Loughborough

Folkstone

Epsom

Dorchester

COVENTRYCOVENTRY

Widnes

Wrexham

A14

M11

Cambridge

LONDON

Bury St Edmunds

Felixstowe

Newmarket

St Neots

Kettering

Corby

Letchworth

M27

LOCATION SITUATION

47-48 SIDNEY STREET

ST JOHN’S COLLEGE

TRINITY COLLEGE

JESUS COLLEGE

CHRIST’S PIECES

MARKET SQUARE

SIDNEY SUSSEXCOLLEGE

LION YARD

GRAND ARCADE

GUILDHALL

GONVILLE &CAIUS COLLEGE

CHRIST’S COLLEGE

PETTY CURY

CORPUS CHRISTICOLLEGE

TRAIN STATION

MARKET STREET

GREEN STREET

TRIN

ITY ST

REET

KING

’S PA

RADE ST ANDREW’S STREET

JESUS L

ANESIDNEY STREET


The property is located in the heart of Cambridge city centre and is surrounded by a number of Cambridge University Colleges and a 4 minute walk from the Grand Arcade. The majority of the city centre is pedestrianised ensuring a high footfall.

Road connections are strong with Sidney Street linking directly to A14, which provides direct access to junction 14 of the M11. The M11 provides direct access to the M25 and London to the south, whilst the A14 also links Cambridge to the east coast ports and the Midlands, where it intersects with the M1.

London is easily accessible by train, with regular direct services into London Kings Cross and London Liverpool Street taking 48 minutes and 1 hour 23 minutes respectively. Stansted Airport, the third largest in the UK is located 25 miles south and is accessible by train in less than 30 minutes. The new £50m Cambridge North train station opened in 2017 and is only 5 minutes further from London on the same train line, which improves access from Cambridge city centre to Cambridge Science Park.

CONNECTIONS

By Foot

By Road

By Train & Air

KEY DEMOGRAPHICS

Population of over 600,000

Population expected to grow to 720,000 by 2031

5.4 million tourists per year

A student population of 50,000

Strong, knowledge-based economy

Affluent population - wages 15% above the national average

50 metres

For more information on our products and services:www.experian.co.uk/goad | [email protected] | 0845 601 6011

Cambridge - Central

Experian Goad Plan Created: 17/10/2017Created By: Gerald Eve

Copyright and confidentiality Experian, 2017. © Crown copyright anddatabase rights 2017. OS 100019885


GRAND ARCADE

47-48 SIDNEY STREET

LION YARD

MARKETSQUARE

CHRIST’SCOLLEGE

GREEN STREET

TRINITY STREETSIDNEY STREET

ST ANDREW’SSTREET

MARKET STREET


DESCRIPTION SITE AREA

EXISTING ACCOMMODATION AREA SCHEDULE

The property is a Grade II listed building built at the end of the 18th century and arranged over ground and three upper floors. The property has undergone changes over the years, but retains attractive period features including timber framing inside the shop, sash windows and gault brickwork.

47-48 Sidney Street benefits from a prominent ground floor return frontage on Sidney Street and Green Street. The property comprises of retail accommodation on the ground and first floor with ancillary storage rooms and office space on the part second floor. There is also a basement providing additional space.

Additional office accommodation on part second and third floors is separately accessed from Sidney Street and is currently sub-let. 40 Green Street is a small retail unit with a prominent frontage and is also sub-let.

The property has a site area of 2,671sq ft (248m2).

The vendor has carried out a measured survey as follows:

Property Sq m (NIA) Sq ft (NIA) Sq m (GIA) Sq ft (GIA)

47-48 Sidney Street

Ground 147.09 1,582 186.50 2,007First 186.28 2,008 220.61 2,375Second 95.23 1,025 135.60 1,459Third 27.85 300 41.52 447

40 Green Street Ground 31.95 344 32.49 350

TOTAL 488.40 5,259.00 616.72 6,638.00


Tenant Location Area sq ft Rent (£pa) Rent (£psf) Start Date Expiry Date Rent Review Use

Edinburgh Woollen Mill Ltd47 - 48 Sidney StreetGround, First and Part

Second Floor5,259 194,500 £140.00 ITZA 07 March 1997 06 March 2022 07 March 2017 Clothing Retailer

Sub-tenants

Donald Insall Associates Ltd Part Second &Third Floor 1,168 15,750 £13.84 06 October 2016 03 March 2022 06 October 2021 Architect’s Office

Maple Joy Ltd 40 Green StreetGround Floor 344 22,500 £73.53 ITZA 05 December 2013 01 March 2022 05 December 2018 Café

& Juice Bar

TENANCY

The property is fully let to Edinburgh Woollen Mill Limited on a 25 year lease, expiring on 6 March 2022, providing an unexpired term of 4.4 years. The current passing rent is £194,500 per annum, equating to £140.00 psf ITZA. The lease contains an outstanding rent review dated 7 March 2017.

The tenancy, sub-tenancies and assignment are detailed as follows;

TENURE

The site is offered for sale freehold registered under title number CB112396.

(Took assignment of Five Nations’ lease in

June 2017)


COVENANT

A well-established clothing retailer, with a presence in most major towns and cities (c.250 stores). Its parent company is the Edinburgh Woollen Mill (Group) Ltd, which holds several clothing brands and operates close to a thousand stores. Edinburgh Woollen Mill Limited has a Dun & Bradstreet rating of 5A1, representing a minimum risk of business failure.

A practise of chartered architects and historic building consultants, specialising in the restoration and integration of old buildings into modern environments. They have five offices in the UK and have a Dun & Bradstreet rating of 2A1, representing a minimum risk of business failure.

Edinburgh Woollen Mill Ltd Donald Insall Associates Ltd

27-Feb-16 28-Feb-15 01-Mar-14 D&B

Turnover (£000’s) 168,701,000 166,230,000 168,462,000

Pre-Tax Profit (£000’s) 24,680,000 24,938,000 26,219,000 5A1

Net Worth (£000’s) 144,097,000 125,599,000 105,227,000

30-Sep-16 30-Sep-15 30-Sep-14 D&B

Turnover (GBP) 7,372,870 6,448,457 6,102,381

Pre-Tax Profit (GBP) 360,930 275,400 250,365 2A1

Net Worth (GBP) 3,481,027 3,216,209 3,023,526

Five Nations Limited has the sub-lease of the ground floor of 40 Green Street which has been assigned to Maple Joy Limited. They operate it as ‘Oden’, a café and juice bar. Maple Joy Ltd is a small business with only one outlet, hence, it has limited published information and a Dun & Bradstreet rating of N3. The Maple Joy Limited sub-lease is guaranteed by Xin Liu of 11 Pentlands Court, Cambridge.


EPCThe property has an EPC rating of D (82). Information can be provided upon request.

VAT We understand that the property is elected for VAT.

Jason NearchouT: 020 3486 [email protected]

For further information or to arrange an inspection, please contact:

CONTACT

PROPOSALOffers are sought in excess of £3,760,000 (Three Million Seven Hundred and Sixty Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 4.85%, after the deduction of purchaser’s costs of 6.52%.

Conditions under which these particulars are issued: All details in these particulars are given in good faith, but Gerald Eve LLP for themselves and the Vendors/Lessors of this property for whom they act give notice that:- 1. These particulars do not and shall not constitute, in whole or in part, an offer or a contract or part thereof, and Gerald Eve LLP have no authority to make or enter into any such offer or contract. 2. All statements contained in these particulars are made without acceptance of any liability in negligence or otherwise by Gerald Eve LLP, for themselves or for the Vendors/Lessors. 3. None of the statements contained in these particulars is to be relied on as a statement or representation of fact or warranty on any matter whatsoever, and intending purchasers must satisfy themselves by whatever means as to the correctness of any statements made within these particulars. 4. The Vendors/Lessors do not make, give or imply, nor do Gerald Eve LLP or any person in their employment have any authority to make, give or imply, whether in these particulars or otherwise, any representation or warranty whatsoever in relation to the property. This statement does not affect any statutory rights you may have nor does it intend to limit Gerald Eve’s liability which cannot be excluded or limited by law. Particulars issued November 2017.

PLANNINGThe property is Grade II listed and is in a conservation area.

ASSET MANAGEMENT OPPORTUNITIES ■ Opportunity to re-gear with Edinburgh Woollen Mill and increase the headline

rent at the expiry in March 2022. ■ Re-gear directly with sub-tenants to create a city centre multi-let asset. ■ At lease expiry convert the uppers to residential (subject to planning).

Hettie CustT: 020 3486 3484 [email protected]

Richard LinesT: 020 7333 6274 [email protected]

Verity YouldenT: 020 7518 7277 [email protected]

47-48 sidney street and 40 green street, cambridge cb2 3hx · pdf filenearby retailers include...

Documents