Freehold of John Banks Honda site in Cambridge for sale with permission for student accommodation
The freehold of a car showroom site in Cambridge with permission for change of use into student accommodation is on sale through Barker Storey Matthews.
John Banks Honda is relocating to premises nearby, leaving the 0.65-acre site at 444 Newmarket Road available to buy with vacant possession.
There is permission to create a 154-bedroom student accommodation block on the site, which is a five-minute cycle ride to Anglia Ruskin University and well-located for access to University of Cambridge colleges.
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.
“The city has a recognised shortage of purpose-built student accommodation and remains an attractive location to investors with privately developed and managed student accommodation in their portfolios.”
A number of residential and commercial developments have been built in Newmarket Road in recent years, helping to transform the area.
Barker Storey Matthews suggests this slice of the Cambridge property market will have long-term value, and says there has been a number of expressions of interest already.
Contact Ben Green on 01223 467155 or via email@example.com or visit bsm.uk.com.
More by this authorPaul Brackley
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