Developer buys freehold Cambridge property for £1.45 million

While the identity of the new owner is not confirmed, Eddisons understands 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.

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 £1.25m 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 underlines the rarity of the opportunity.

“The new owners can now go for a fresh look and make best use of this prime space in fulfilling investment and operational potential for its next occupiers.”