A single block of properties in the historic centre of Peterborough is up for sale as a multi-let investment opportunity for over £2.2 million through the local office of Eddisons.

The series of properties runs from 14-30 Cowgate and sees three retail units with offices above, further detached and semi-detached office properties, and, additionally, clinic premises accessed by a pedestrian passage and courtyard to the rear.

The parade of properties has been under the same ownership for several decades and, with the exception of one office, is fully let.

Eddisons describes its latest instruction as a ‘rarely available investment opportunity’ and advises that there is scope for partial redevelopment in the middle of the parade, subject to relevant permissions.

The agent also adds that while 14-30 Cowgate is within the city’s conservation area, none of the properties have Listed status.

Cowgate, running parallel to Priestgate, is in the central commercial district of of Peterborough’s historic city centre and has a mix of retail & office occupiers.

It is one of the main routes with vehicle access leading to the pedestrianised Cathedral Square area and Bridge Street thoroughfare.

Eddisons’ Julian Welch (right), who is leading the sale of 14-30 Cowgate, is confident that the instruction will attract interest from a range of investors.

He said, “While acknowledging that the froth of the mainstream commercial property investment market has dissipated in the past twelve months, one-off multi-let investment opportunities like this one on Cowgate can still command serious attention.

“It’s a solid investment opportunity for the right investor.

“In looking for offers in excess of £2.2 million, we are reconciling its value in the current market with that of the long term opportunity.”

Viewing of the property for sale, at 14-30 Cowgate, Peterborough, is strictly through Eddisons as the sole agent.

To arrange a viewing or for more information, contact Julian Welch at Eddisons in the city, 01733 897722, [email protected], or through eddisons.com.

The story is moving fast that schools across the country have been closed after the holidays end, following a collapsed beam highlighting just how dangerous RAAC materials are in school buildings.

Reinforced autoclaved aerated concrete is bubbly to look at and to touch, and was seen as a cheaper and quicker alternative when building large institutions like schools and hospitals between the 1950s and mid-1990s.

Only recently a school was closed due to a fallen RAAC support beam that had been held in place with RAAC, bringing to light the fact that the lifespan of the material is coming to an end.

We reported on RAAC in June after the NAO and DfE released a report showing over 600 schools – 38% of all state schools – across the country were on the brink of collapse, even though years earlier, the government estimated that percentage was closer to just 3%.

RAAC unfortunately has a lifespan of roughly 30 years which puts buildings constructed between the 1950-1990s using RAAC at significant risk of material failure. We support the decision to shut schools in case of tragedy, but we have strongly recommended surveying for defects in your RAAC for a long time in a hope that this could be avoided.

Director of our Manchester office Ashley Parkinson comments: “those in the building industry have been expecting something like this for a while, but this sudden decision could have been avoided with regular due diligence.”

“As experts in building consultancy within the education sector, we would recommend having a survey done immediately to grant you peace of mind. Hopefully, it will be nothing, but it is better to be safe than sorry.”

Eddisons offers condition surveys across Great Britain, as well as other building and project consultancy services, on top of expertise pertaining the education sector such as CIF application and decarbonisation schemes.

Looking over some of the smaller local commercial lettings secured over the summer by Eddisons in Cambridge, the agency remain confident about the local market ahead of the autumn in, describing it as ‘steady’.

 

During the summer, new occupiers have been secured for premises in Ely and Soham in East Cambridgeshire, Haslingfield in South Cambridgeshire and Cambridge City – among other locations covered by Eddisons’ local office.

Many of the operators are already in situ and have begun trading ahead of autumn.

Included in the latest agency round-up is a new café on Forehill, Ely – one of the main retail thoroughfares of the cathedral city. In the nearby town of Soham, a carpentry & joinery firm has secured its new premises in a unit at Ashley Industrial Estate.

 

On the southern outskirts of Cambridge, a company specialising in baby products is a new occupier at Penn Farm Studios in the village of Haslingfield.

In central Cambridge, a local branch of a national eggless cake franchise has opened for business at 174 Mill Road. And, most recently, the letting of a former barber shop on nearby Thoday Street, will see a new use as a studio salon for a permanent make-up artist & practitioner.

Joe Berry (pictured), Eddisons Cambridge, believes the deals highlighted in the summer round-up show the diversity of the commercial offer in the area.

He said, “These lettings demonstrate the ongoing confidence shown by small business operators in Cambridge and its surrounding market towns and villages.

“The setting up of new ventures and the growth of existing ones – whatever the size of the enterprise or its property requirements – are key to the ongoing commercial prosperity of the area.

“It has been a busy summer of lettings for our agency team and we’re confident that our new instructions will set a steady pace in the autumn.”

For more information about business premises available to let in Cambridge and the surrounding area, contact Joe Berry at Eddisons in the city, tel: 01223 467155, [email protected], or through eddisons.com.

The Cambridge agency of Eddisons has just launched a three storey, new-build office building in Newmarket for freehold sale at £1.95 million.

Described by the agent as a ‘headquarter style’ level of office building, Morecroft House is 8,430 sq ft (783.12 sq m) in total across three floors including full height glazing, reception area & central staircase.

Each floor of Morecroft House has a kitchen and cloakroom facilities and there is a passenger lift to all levels.

On Willie Snaith Road – Newmarket’s main commercial office location – the office building is on a security gated site with access control and has full CCTV coverage.

There are 48 dedicated car parking spaces, of which 22 are fitted with EV charging points.

Nearby office occupiers include GenesisCare’s Oncology Centre and Mattioli Woods, financial wealth management advisers.

Eddisons advises that Morecroft House could be suitable for a number of potential uses including fit-out for R&D or medical healthcare or more conventional office, business services use.

According to Ben Green, Director of our Cambridge office, Newmarket is increasingly in the mix for R&D or laboratory occupiers given its proximity to Cambridge.

He said, “The squeeze on such space in Cambridge has been well documented for a while – this year in particular.

“Newmarket is perfectly placed to capture this Cambridge ‘spillover’ and Morecroft House affords a quality of freehold office offer that rarely comes forward for market sale.”

Eddisons is the sole agent under instruction for the freehold sale of Morecroft House.

Viewing is strictly by appointment through Eddisons.

For more information or to arrange a viewing, contact Ben Green or Joe Berry at Eddisons in Cambridge, tel: 01223 467155 or through eddisons.com.

Mark Critchley, Director at Eddisons, shares his thoughts on a new report published this summer that sets out to portray the state of the city.

Cambridge City Portrait: State of the City 2023 is a report Cambridge City Council commissioned analysts, Cambridge Econometrics, to produce.

While data-driven, it is far from dry in its portrayal of the city through ‘Six Lenses’ and there is even an online dashboard that ‘walks’ you through the data for each ‘lens’.

In the report’s foreword and introduction, the City Council’s Assistant Chief Executive, Andrew Limb, quotes Cambridge as the ‘greatest small city in the world’.

Setting aside that I’ve not, knowingly or otherwise, worked in another city making this claim but have worked in Cambridge for 17 years, the phrase perfectly conveys the property scene here: it’s great but it’s small – and that’s not without consequences.

Those doing business in the city will, undoubtedly, zoom straight in on the Business & Enterprise lens to highlight & comment on some of the most salient points to their own sector – as we have.

“The majority of land in Cambridge remains undeveloped, a rate unchanged over the past 5 years”

The supply of development land remains tight and, within the city boundaries, is often restricted to development of brownfield sites. Inevitably, this pushes up land values.

 

“Commercial property costs in Cambridge are some of the highest in the country”

This is most acute in the city’s core and main railway station area, spilling over to the northern boundary of the city to the Science Park where there’s a new development focus centred on the Cambridge North railway station.

“… Cambridge start-ups are more resilient and more likely to survive”

Start-ups often experience rapid growth, significantly increasing floor space requirements within months. Eddisons has been involved in a few acquisitions for start-ups where their space requirements have increased during the process of drafting leases for premises.

 

“Relative costs in Cambridge (City & Fringe) are highest for industrial space, which were 46% above the national city average in 2021/22”

Cambridge is not immune to the national picture where, since the start of the Covid-19 pandemic, the industrial sector has boomed. When we are acting for landlords on rent reviews & lease renewals, it’s not unheard of to be quoting 50% increases which, in simply reflecting where the market is, is met with disbelief by incumbent tenants.

“Cambridge’s research and development works force continues to grow”

The standout feature of the past two years has been activity in the Cambridge laboratory market. Boosted by the pandemic and the growth of life sciences businesses, the demand for lab/R&D space has reached a record high, resulting in a huge investment in the sector and a race on to deliver new stock.

“… Cambridge’s retail vacancy rate after June 2021, averaging 12%, was the 4th lowest of 58 cities in England and Wales”

There is a low level of empty units in the city centre. While one or two have experienced extended void periods, the resumption of the tourist & hospitality trades post-pandemic sees most now taken up by food & beverage sector operators.

“Cambridge’s workforce is growing faster than the number of homes though. Buying a home in Cambridge has become increasingly unaffordable”

The residential & commercial property markets more than overlap in this respect, with people having to look further afield for accommodation of all tenures.

 

Cambridge will always remain in the foreground of any picture portrait of the East of England. But it’s effect reaches well beyond its city boundaries. It is a great small city but, increasingly, what is meant by ‘Cambridge’ offers a much, much broader landscape.

Eddisons’ regional expansion in the East Midlands & East of England, sees the appointment of Giles Stovold, MRICS, to the position of Associate Director.

Bringing almost 25 years of property experience to Eddisons – including experience in residential agency – Giles joins from Russen & Turner in King’s Lynn, Norfolk, where he was a director and shareholder.

Sitting within the professional services team from a base in the Peterborough office, Giles will work across the firm’s 7 regional offices in the East Midlands and the East of England, which now includes Lincoln, following the acquisition of Banks Long & Co in the spring.

Announcing this latest appointment, Martin Hughes, Director, said, “Giles brings extensive property experience and a proven track record in valuations, in particular.

“His appointment comes at a time of rapid regional expansion for Eddisons in seeking to reinforce all of our property disciplines offer to clients current and new.”