Keenest yield for prime high street asset

GCW has sold a flagship retail asset in Cambridge’s 30-31 Petty Cury for £4.8 million reflecting an NIY of 6.31%, one of the keenest yields achieved in high street investment this year.

The 7,000 sq ft unit is opposite Lion Yard in Cambridge’s highest footfall retail location. Occupied by Superdry until2024, the asset offered a rare opportunity to acquire prime space within the world-renowned university town and bidding was highly competitive.

Occupier Superdry has recently invested in the property by consolidating its female offer into the first floor of the building, demonstrating its commitment to the store. The town attracts more than 8 million visitors a year and is one of the fastest growing economies in the UK. Competition for prime retail space is intense and the repositioning of the Grafton Centre into a mixed use life science led facility will reduce supply.

GCW’s town centre expertise gave bidders the comfort and confidence given the upcoming lease expiry and uncertainty surrounding the ERV to put forward such keen offers. The keen price paid is testament not only to the quality of the unit and city but the Investor Team’s marketing strategy.

GCW Partner Oli Horton said: “It is fantastic to have achieved such as phenomenal price for our client. These opportunities to purchase a prime pitch retail asset in Cambridge don’t come along very often. Our unique skills sets and market expertise allow us to put forward a compelling narrative and we are delighted with the outcome.”