Newnham Mill, Cambridge.indd
Multi-let Commercial Investment / Development Opportunity
Newnham Mill
Newnham Road, Cambridge, CB3 9EY
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Located in a unique river front position in the heart of historic Cambridge, near to its world renowned University Colleges.
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Fully occupied and providing a total income of £167,500 per annum.
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A detached early/mid 19th Century, Grade II Listed, three storey Mill in commercial use.
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Approximately 15 car parking spaces allocated.
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The property comprises a total of 7,245 sq ft (Net Internal Area) with ground floor restaurant and offices on the upper floors, on a site of 0.276 acres.
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Rare unencumbered freehold interest.
Unex House 132-134 Hills Road Cambridge CB2 8PA
01223 347 000 savills.co.uk
Location and Description Cambridge is globally renowned as a university city, one of the world’s leading research and development clusters and a major commercial centre in the UK. The property is located on Newnham Road less than 1 mile west of the city centre commanding a prime position fronting the Mill Pond and Coe Fen. Fen Causeway, Queens Road and Barton Road are in close proximity, all of which are key arterial routes. It is 2 miles to Junction 12 of the M11 and 1.3 miles to Cambridge’s main railway station. The property is nearby to a parade of retail and restaurant units as well as the Granta Pub and Hilton Hotel. The main pedestrian entrance is from Newnham Road however it is also accessed via footpaths on Coe Fen and Sheep’s Green towards the city centre. Newnham Mill comprises a prominent brick built three storey mixed use building totalling 7,245 sq ft. The Grade II Listed building is arranged over a ground, first and double height second floor. The site extends back from the entrance on Newnham Road and provides parking for approximately 15 cars to the rear of the property. The ground floor is currently being refurbished to provide a modern brasserie restaurant with terrace and seating for 130 people. The upper floors provide contemporary office accommodation with a mixture of open plan and modular offices, as well as an additional terrace on the first floor. The offices comprise solid floors with original features including wooden beams, exposed brick walls, sash windows and slate roof. A copy of the freehold title is available upon request. Crown Copyright - licence no. 100018190. Based on Ordnance Survey 2013. Not to Scale - For Identification Purposes Only.
Please note: Floor plans not to scale
Newnham Mill - Ground Floor
Newnham Mill - 1st Floor
Newnham Mill - 2nd Floor
Tenancy Details
Site Area
The property is fully occupied on two leases along with an additional License for Parking, the relevant details are as follows:
The site is accessed from Newnham Road and extends to approximately 0.112 hectares (0.276 acres).
1) Ground Floor Restaurant The ground floor is let to OTMF Ltd (guaranteed by Smokeworks Ltd) on a 20 year lease from 16th August 2016 at an initial rent of £68,500 and then from 2017 this increases to £76,000. OTMF Ltd hold a car parking licence dated 16th August 2016 for an annual fee of £9,000. The lease is protected by s.24-28 of the LTA 1954. OTMF Ltd is guaranteed by Smokeworks Ltd (registered in Cambridge) and Oliver Thain and Maxwell Freeman. The restaurant will trade as ‘Millworks’ and is currently being fitted out to provide a 130 cover brasserie. This is another restaurant run by Cambs Cuisine who operate a range of restaurants in and around Cambridge which the individual guaranteeing the lease are founders. For more details please see: http://www.cambscuisine.com/ 2) First and Second Floor Offices The upper floor offices are let to Bluestone Capital Management Ltd on a lease expiring 22 June 2018 at an annual rent of £82,500. The lease is held outside s.24-28 of the LTA 1954. Bluestone Capital Management Ltd specialise in acquiring and managing complex loan portfolios. They are part of the Bluestone Group, a fast growing, multi-national financial services business founded in 2000, with offices in the UK, Ireland and Australasia. The company has a Dun & Bradstreet rating of 3A2. For more details please see: https://www.bluestone.co.uk/
EPC The upper floors have an Energy Rating of C (69). Please contact the agent for a copy. The ground floor has not been assessed due to it being fitted out.
Business Rates We understand from the Valuation Office assessment (http://www.2010.voa.gov.uk/rli/ en/basic/find) that each area of occupation is individually assessed. The ground floor of the property has a rateable value of £80,000. The upper floors have a rateable value of £61,000.
Tenancy Schedule Description
Tenant
Ground Floor
OTMF Ltd (Smokeworks Ltd)
First Floor Second Floor Car Park
Bluestone Capital Management Ltd Car Parking Licence Fee (OTMF Ltd)
TOTAL
Area (sq ft) 3,332 2,323 1,590
Lease Start
Lease Expiry
Next Rent Review
Rent (£ pa)
Rent (£ psf)
Outside 1954 Act
Comments
16-Aug-16
15-Aug-36
16-Aug-21
£76,000
£22.81
No
£68,500 initial rent from Lease start for 12 months A £25,500 rent deposit is held
09-Jun-14
22-Jun-18
n/a
£82,500
£21.08
Yes
Schedule of Condition appended to Lease
15 spaces
£9,000
Commencement concurrent with OTMF Lease
7,245
£167,500
£160,000 per annum currently £167,500 per annum from 16th August 2017
Quoting Terms We are instructed to seek unconditional offers for the building. Please contact the agent for the quoting price. VAT will be payable on purchase price. Each party to bear their own legal costs.
Further Information Should you have any queries or wish to make an inspection, please contact: Rob Sadler [email protected] 01223 347 209
Frankie Wood [email protected] 01223 347 037
Important Notice Savills, their clients and any joint agents give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Designed and Produced by Savills Marketing: 020 7499 8644 | September 2016
Newnham Mill
Newnham Road, Cambridge, CB3 9EY
g
Located in a unique river front position in the heart of historic Cambridge, near to its world renowned University Colleges.
g
Fully occupied and providing a total income of £167,500 per annum.
g
A detached early/mid 19th Century, Grade II Listed, three storey Mill in commercial use.
g
Approximately 15 car parking spaces allocated.
g
The property comprises a total of 7,245 sq ft (Net Internal Area) with ground floor restaurant and offices on the upper floors, on a site of 0.276 acres.
g
Rare unencumbered freehold interest.
Unex House 132-134 Hills Road Cambridge CB2 8PA
01223 347 000 savills.co.uk
Location and Description Cambridge is globally renowned as a university city, one of the world’s leading research and development clusters and a major commercial centre in the UK. The property is located on Newnham Road less than 1 mile west of the city centre commanding a prime position fronting the Mill Pond and Coe Fen. Fen Causeway, Queens Road and Barton Road are in close proximity, all of which are key arterial routes. It is 2 miles to Junction 12 of the M11 and 1.3 miles to Cambridge’s main railway station. The property is nearby to a parade of retail and restaurant units as well as the Granta Pub and Hilton Hotel. The main pedestrian entrance is from Newnham Road however it is also accessed via footpaths on Coe Fen and Sheep’s Green towards the city centre. Newnham Mill comprises a prominent brick built three storey mixed use building totalling 7,245 sq ft. The Grade II Listed building is arranged over a ground, first and double height second floor. The site extends back from the entrance on Newnham Road and provides parking for approximately 15 cars to the rear of the property. The ground floor is currently being refurbished to provide a modern brasserie restaurant with terrace and seating for 130 people. The upper floors provide contemporary office accommodation with a mixture of open plan and modular offices, as well as an additional terrace on the first floor. The offices comprise solid floors with original features including wooden beams, exposed brick walls, sash windows and slate roof. A copy of the freehold title is available upon request. Crown Copyright - licence no. 100018190. Based on Ordnance Survey 2013. Not to Scale - For Identification Purposes Only.
Please note: Floor plans not to scale
Newnham Mill - Ground Floor
Newnham Mill - 1st Floor
Newnham Mill - 2nd Floor
Tenancy Details
Site Area
The property is fully occupied on two leases along with an additional License for Parking, the relevant details are as follows:
The site is accessed from Newnham Road and extends to approximately 0.112 hectares (0.276 acres).
1) Ground Floor Restaurant The ground floor is let to OTMF Ltd (guaranteed by Smokeworks Ltd) on a 20 year lease from 16th August 2016 at an initial rent of £68,500 and then from 2017 this increases to £76,000. OTMF Ltd hold a car parking licence dated 16th August 2016 for an annual fee of £9,000. The lease is protected by s.24-28 of the LTA 1954. OTMF Ltd is guaranteed by Smokeworks Ltd (registered in Cambridge) and Oliver Thain and Maxwell Freeman. The restaurant will trade as ‘Millworks’ and is currently being fitted out to provide a 130 cover brasserie. This is another restaurant run by Cambs Cuisine who operate a range of restaurants in and around Cambridge which the individual guaranteeing the lease are founders. For more details please see: http://www.cambscuisine.com/ 2) First and Second Floor Offices The upper floor offices are let to Bluestone Capital Management Ltd on a lease expiring 22 June 2018 at an annual rent of £82,500. The lease is held outside s.24-28 of the LTA 1954. Bluestone Capital Management Ltd specialise in acquiring and managing complex loan portfolios. They are part of the Bluestone Group, a fast growing, multi-national financial services business founded in 2000, with offices in the UK, Ireland and Australasia. The company has a Dun & Bradstreet rating of 3A2. For more details please see: https://www.bluestone.co.uk/
EPC The upper floors have an Energy Rating of C (69). Please contact the agent for a copy. The ground floor has not been assessed due to it being fitted out.
Business Rates We understand from the Valuation Office assessment (http://www.2010.voa.gov.uk/rli/ en/basic/find) that each area of occupation is individually assessed. The ground floor of the property has a rateable value of £80,000. The upper floors have a rateable value of £61,000.
Tenancy Schedule Description
Tenant
Ground Floor
OTMF Ltd (Smokeworks Ltd)
First Floor Second Floor Car Park
Bluestone Capital Management Ltd Car Parking Licence Fee (OTMF Ltd)
TOTAL
Area (sq ft) 3,332 2,323 1,590
Lease Start
Lease Expiry
Next Rent Review
Rent (£ pa)
Rent (£ psf)
Outside 1954 Act
Comments
16-Aug-16
15-Aug-36
16-Aug-21
£76,000
£22.81
No
£68,500 initial rent from Lease start for 12 months A £25,500 rent deposit is held
09-Jun-14
22-Jun-18
n/a
£82,500
£21.08
Yes
Schedule of Condition appended to Lease
15 spaces
£9,000
Commencement concurrent with OTMF Lease
7,245
£167,500
£160,000 per annum currently £167,500 per annum from 16th August 2017
Quoting Terms We are instructed to seek unconditional offers for the building. Please contact the agent for the quoting price. VAT will be payable on purchase price. Each party to bear their own legal costs.
Further Information Should you have any queries or wish to make an inspection, please contact: Rob Sadler [email protected] 01223 347 209
Frankie Wood [email protected] 01223 347 037
Important Notice Savills, their clients and any joint agents give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Designed and Produced by Savills Marketing: 020 7499 8644 | September 2016
