19/12/2024
News
The freehold of a residential investment property adjacent to Addenbrooke’s Hospital and the Cambridge Biomedical Campus has been sold to a charitable trust.
Confirmation of the pre-Christmas completion of the sale comes from Eddisons’ Cambridge agency who acted as the sole agent on behalf of the seller of the property at 292c Hills Road in the city.
The 2,468 sq ft detached property was modernised and converted 5 years ago to form three high-quality, self-contained flats ranging in size from 484 sq ft to 1,173 sq ft.
The freehold of the residential property was marketed for sale, as fully let on assured shorthold tenancies (ASTs), at a guide price of £1.35 million this summer (2024).
While Eddisons is not disclosing the sale price achieved, nor the exact identity of the charitable trust purchaser, the agent confirms that it reflected the highly desirable location of the property, as well as its position in a residential market forecasting strong rental growth.
Ben Green, Director, Eddisons - who was the firm’s agent on the instruction - said, “The 292c Hills Road property was always going to be a strong investment opportunity for its new owners.
“We were confident in the guide price when we launched in June and it attracted strong interest from potential purchasers from the outset.
“The swiftness with which all parties acted in concluding the sale before the year’s end is a testament to the strength of the investment opportunity and how confident its new owners are in its value and performance as an investment for the charitable trust.”
