34 Petty Cury
Cambridge
Cambridgeshire
CB2 3NB

Freehold Retail Investment Let to a Bank, in Historic City Centre

  • Rare investment opportunity in historic city centre
  • Entirely let to Bank of Scotland Plc t/a Halifax until June 2024 (no breaks)
  • Halifax in occupation of first and second floor office accommodation and occupy adjacent unit
  • Ground and basement recently sublet at 80,000 p.a.x
  • Opposite Lion Yard Shopping Centre on busy retailing pitch
  • Lot
    27
  • Auction
    23/Sep/2020
  • Rent
    £96,000 per Annum Exclusive
  • Status
    Sold
  • Price*
    £1,100,000
  • Sector
    High Street Retail
  • Auction Venue
    Live Streamed Auction
  • 34 Petty Cury<br>Cambridge<br>Cambridgeshire<br>CB2 3NB
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* More information on the term "price" can be found here

Property Information

Location
Miles
13 miles west of Newmarket
60 miles north of Central London
Roads
A14, A1303, A603, M11 (J12)
Rail
Cambridge
Air
London Stansted
Situation

Cambridge is a highly affluent and historic university city and is the county town of Cambridgeshire. Cambridge is a popular tourist destination with its 31 colleges, River Cam and other notable and historic attractions. The property occupies a prominent position on the pedestrianised Petty Cury opposite the Lion Yard Shopping Centre, which houses occupiers including Flying Tiger, Holland & Barrett, JD Sports and Sport Direct. Other nearby occupiers include Boots, Marks & Spencer, Superdrug and Gap.

Tenure

Freehold.

Description

This attractive property is currently arranged to provide a ground floor retail unit with basement storage accommodation together with first and second floor office accommodation which is occupied by Halifax. Halifax also occupies the adjoining unit and under a Licence for Alterations dated 17th July 2000, the tenant had consent to remove the staircase from the ground floor to the first floor of 34 Petty Cury and link the first and second floors of the property with its adjacent retail unit at 32-33 Petty Cury. The tenant is responsible for reinstating all works permitted under this licence. The basement is a accessed via a hatch.

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

EPC

Available at acuitus.co.uk

Tenancy & Accommodation

FloorUseFloor Areas
(Approx)
TenantTermRent p.a.xReview
Ground
Basement
First
Second
Retail
Ancillary
Office
Office
55.18 sq m (3)
42.92 sq m
42.55 sq m (3)
56.11 sq m
(594 sq ft) (3
)(462 sq ft)
(458 sq ft) (3)
(604 sq ft))
BANK OF
SCOTLAND
PLC (1) part
sublet to
Gadgets4UK
Enterprises
Limited (2)
25 years from
08/06/1999
until
07/06/2024 on
a full repairing
and insuringlease
£96,00008/06/2019(outstanding)
Total
196.76 sq m (3)
(2,118 sq ft) (3))
  £96,000 

(1) For the year ending 31st December 2018, Bank of Scotland Plc reported profit before tax of 2,231,000,000 and total assets of 343,926,000,000 (Source: Companies House 20/01/2020). Bank of Scotland is part of Lloyds Banking Group, the UKs leading financial services company that serves around 27 million customers. The group also has some of the most well known brands on the high street, including Lloyds Bank, Halifax and Scottish Widows (Source: www.lloydsbankinggroup.com 16/01/2020).
(2) The ground and basement floors have recently been sublet to Gadgets4UK Enterprises Limited t/a Fone World, for a term of years expiring 30/05/2024 at a passing rent of 80,000 p.a.x. A copy of the sub-lease is available in the legal pack.
(3) Under the terms of the rent review clause, it is assumed there is an internal staircase access between ground floor and basement and ground and first floors. As such 26 sq ft is deducted from the ground floor (Zone B) and 26 sq ft from the first floor for rent review purposes. Therefore the total area for rent review purposes is 191.93 sq m (2,066 sq ft).

If you are the successful bidder, Acuitus requires a separate payment of £1,000 inclusive of VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Due to the current restrictions in movement throughout the UK, the property may not have been inspected by Acuitus. Some photographs may not be current and these will be dated where this is the case. Plans showing nearby occupiers and mention of nearby occupiers may reflect a dated situation as some tenants are not currently in occupation. Floor areas and accommodation details are likely to have been obtained from VOA.Gov.UK and the Vendor.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    07.09.20
    File Size
    26 MB
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  • Site Plan
    Updated Date
    02.09.20
    File Size
    822 KB
    View PDF
  • Catalogue Page
    Updated Date
    02.09.20
    File Size
    2 MB
    View PDF
  • Common Auction conditions
    Updated Date
    01.07.20
    File Size
    277 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF
  • Money Laundering Regs
    Updated Date
    15.09.20
    File Size
    57 KB
    View PDF
  • Customer Due Dilligence Form
    Updated Date
    20.05.20
    File Size
    585 KB
    View PDF

Contacts

Acuitus
Peter MayoPeter Mayo +44 (0)20 7034 4864 +44 (0)7833 459318Peter.mayo@acuitus.co.uk
Billy StruthBilly Struth +44 (0)20 7034 4854billy.struth@acuitus.co.uk
Associate Auctioneers
Bidwells LLP 25 Old Burlington Street
London
W1S 3AN
Lucy Young 0207 297 6278lucy.young@bidwells.co.uk
Seller's Solicitors
Coole Bevis LLP Lanes End House,
15 Prince Albert Street,
Brighton
BN1 1HY
Oliver Maxwell-Jones +44 (0)1273 716626 Oliver.Maxwell-Jones@coolebevisllp.com  Laura Prince +44 (0)1273 323231Laura.Prince@coolebevisllp.com

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