A central Cambridge property has been sold for £1.45 million, with plans afoot to breathe new life into the building through a residential and commercial redevelopment.
The property, located on Lensfield Road, sits near some of the city’s most treasured landmarks — including the Fitzwilliam Museum, the Botanic Garden, and several University of Cambridge colleges. Its strategic location and redevelopment potential attracted considerable interest after it was put on the market last year.
Acting on behalf of Cambridge City Council, Eddisons marketed the site with a guide price of £1.25 million as part of the council’s planned disposal programme. The rare opportunity to acquire a freehold with vacant possession in such a sought-after area helped drive the final sale price above expectations.
Ben Green from Eddisons’ Cambridge office told BusinessWeekly:
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.
Though the buyer’s identity remains undisclosed, Eddisons has confirmed that the new owner intends to refurbish the building, with a view to creating a mixed-use scheme blending residential and commercial uses.
Green added: “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.”
The sale marks another step in Cambridge City Council’s ongoing review and rationalisation of its property assets. As the city continues to evolve, developments like this promise to shape the next chapter of its urban landscape.
