The freehold of a Cambridge property on the corner of Lensfied Road and Brookside in the town’s historic city centre has been sold for £1.45 million to a developer.
Confirmation comes from Eddisons who was the sole agent acting on behalf of Cambridge City Council in the sale of the property which spans 69 & 71 and 69a & 71a Lensfield Road.
While the identity of the new owner is not confirmed, Eddisons understands that that there are plans to refurbish the property for the possibility of creating a mixed-use residential and commercial scheme.
The scope for refurbishment or redevelopment was something the agent majored on in launching the property for sale last year on behalf of its client, Cambridge City Council whose divestment of the Lensfied Road property was part of a planned disposal programme.
Announcing the sale, Ben Green of Eddisons’ Cambridge office said, “The property is in the vicinity of many Cambridge landmarks including the Botanic Gardens, the Fitzwilliam Museum and several colleges of the University of Cambridge and we invited offers over £1.25 million in the first instance.
“Such freehold sales are rare in central Cambridge, particularly with vacant possession, and the fact it sold for in excess of the guide price we indicated at the outset underlines the rarity of the opportunity.
“The property’s new owners have the opportunity for a fresh look and making best use of such prime space in fulfilling investment and operational potential for its next occupiers.”
