• Attractive new build investment in Great Kneighton, Cambridge;
• Hobson Square forms the commercial and community hub for the wider community;
• Virtual freehold interest for sale at peppercorn rent;
• Well configured accommodation across 4 units providing 10,578 sq ft over ground floor;
• 63% let to undoubted Sainsbury’s Supermarkets Limited covenant;
• Long WAULT to break of 12.1 years;
• Index linked income throughout;
• Total income of £244,510 per annum.
• Seeking offers in excess of £3,250,000.
• A purchase at this level would reflect a net initial yield of 7.07%.
Location
Hobson Square is part of Great Kneighton, Cambridge; an award winning new community located just 3 miles south of Cambridge City Centre.
The 2,550 home new community of Great Kneighton is in close proximity to Addenbrooke's Hospital, Royal Papworth Hospital, Cambridge Biomedical Campus and Astra Zeneca's HQ.
The nearby beautiful 120 acre Hobson's Country Park features a bird reserve with footpaths and viewing points, playing fields, allotments and play areas for children. The Trumpington Park Primary School which opened in 2017 and the Trumpington Community College are located nearby.
Hobson Square has strong transport links and is a 25 minute walk away from Cambridge City Centre. The Cambridgeshire Guided Busway runs through the development and connects the property to the Cambridge Biomedical Campus, the city centre, the railway station and Addenbrooke’s Hospital.
Accommodation
The property provides the following net internal areas:
Unit 1 - 1,335 sq ft
Unit 2 - 1,690 sq ft
Unit 5 - 2,207 sq ft
Covenience Store - 5,346 sq ft
Total - 10,578 sq ft
Terms
Tenancy - Multi-let anchored by Sainsbury's
Tenure - The property is available by way of a vitural freehold interest for a term of 999 years at a peppercorn rent.
Planning - The property is not listed and does not sit within a conservation area.
The permitted user clause allows for a range of alternative uses (subject to planning) which offers a purchaser long term flexibility.
EPC - Available upon request
VAT - The property has been elected for VAT and it is assumed the sale will be conducted via a Transfer of a Going Concern (TOGC).
AML - The successful purchaser will be required to fulfil anti-money laundering requirements in accordance with the Money Laundering Regulations.
Proposal - The vendor is seeking offers in excess of £3,250,000 (Three Million Two Hundred and Fifty Thousand Pounds), exclusive of VAT and subject to contract. A purchase at this level would reflect a net inital yield of 7.07%, assuming graduated purchaser's costs of 6.48%.
Specification
• Multi award winning new community by national developer Vistry Group;
• Over 2,550 new homes and 10,578 sq ft of commercial space;
• Virtual freehold interest for sale at peppercorn rent;
• Well configured accommodation across 4 units providing 10,578 sq ft over ground floor;
• Benefit of visitor car park spaces adjacent to property and additional spaces nearby;
• 63% let to undoubted Sainsbury’s Supermarkets Limited covenant;
• Index linked income throughout;
• Total income of £244,510 per annum.