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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%.
47-48 SIDNEY STREET AND 40 GREEN STREET, CAMBRIDGE CB2 3HX3
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
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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
47-48 SIDNEY STREET AND 40 GREEN STREET, CAMBRIDGE CB2 3HX4
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
47-48 SIDNEY STREET AND 40 GREEN STREET, CAMBRIDGE CB2 3HX5
GRAND ARCADE
47-48 SIDNEY STREET
LION YARD
MARKETSQUARE
CHRIST’SCOLLEGE
GREEN STREET
TRINITY STREETSIDNEY STREET
ST ANDREW’SSTREET
MARKET STREET
47-48 SIDNEY STREET AND 40 GREEN STREET, CAMBRIDGE CB2 3HX6
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
47-48 SIDNEY STREET AND 40 GREEN STREET, CAMBRIDGE CB2 3HX7
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)
47-48 SIDNEY STREET AND 40 GREEN STREET, CAMBRIDGE CB2 3HX8
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.
47-48 SIDNEY STREET AND 40 GREEN STREET, CAMBRIDGE CB2 3HX9
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]