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Cambridge Site Up for Sale

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

The freehold of a car showroom in Cambridge with planning permission to build student accommodation on the site has been put up for sale.

John Banks Honda is to relocate to nearby premises, leading the site at 444 Newmarket Road available to buy with vacant possession.

Plans to build a 154-bed student development on the site were approved at the end of last year, with the proposed scheme benefiting from close proximity to Anglia Ruskin University.

Barker Storey Matthews, now part of Eddisons, is the sole agent instructed and is highlighting the site's position on the Chisholm Trail cycling route and access to two railway stations.

Ben Green, director and head of agency at Barker Storey Matthews' office in the city, said: "Cambridge has a student population of over 60,000 and while in the coming academic year, 2020-21, the physical presence of students in the city will be reduced, the 154-bed development on which we are instructed is set to be operational no earlier than 2022."

"Student accommodation offers favourable returns - yields range from six per cent to 6.5 per cent - which compare favourably with other asset classes and, arguably, are less risky in a city such as Cambridge."

"Despite the current climate, Cambridge will continue to be a prime university city, attracting students from around the world."

However, returns are not guaranteed, with Cambridge County Council recently blaming aggressive competition and coronavirus for a drop in income associated with its own student housing investment.