Thu, 18 Aug 2022 | COMMERCIAL PROPERTY
The near 5-acre Haddenham Business Park in Haddenham, Cambridgeshire has been put up for sale with a guide price of £1.65 million. The business park, which is being sold on a freehold basis, comprises eight small industrial units and is fully let to four tenants.
The sale also includes a three-bedroom bungalow which is let on an assured shorthold tenancy (AST) to a private individual.
Approximately 2 acres of the 4.9-acre site is allocated, undeveloped land. The business park is being marketed for sale by commercial property agent Cheffins, which says that the park offers the potential for both asset management and future development.
Cheffins says: “We consider that there is scope to improve the buildings and the estate, and re-gear leases in order to increase rental levels closer in line with larger neighbouring centres. The development land provides an opportunity to either build out new units or sell to a developer or owner occupier.”
According to Cheffins’ listing for the property, it is suitable for “a range of industrial and storage uses, including lorry parking.” The site offers extensive yard and parking facilities, while the business park’s buildings are described as being largely of steel portal frame construction with a mixture of cement fibre cladding and insulated profile metal sheet. The park also features an out-of-hours secure entrance barrier
Tenants of the business park include a marketing firm, transport business and tyre company, with several of the businesses having traded from the site for many years. The industrial units, some of which are let in combination, cover a total area of 21,524 sq ft and currently generate total rent per annum of £103,240 at an average of £4.96 per sq ft.
The village of Haddenham is located approximately seven miles southwest of the town of Ely and around 16 miles to the north of central Cambridge. The business park is located prominently on the village’s north side on Station Road, which offers close access to the A1123 and A142.
Cheffins says that the region has seen very high demand for commercial property in the past five years, with industrial property availability having reached a record low level. Ely’s industrial market is said to have grown significantly due to Cambridge’s economic expansion and population growth.
The property agent says that Ely now has a chronic shortage of available industrial space across all size and rent ranges, with many small units above £10 per sq ft and available units typically being let quickly.
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