This unique site presents a significant redevelopment opportunity in the heart of Cambridge, complete with full planning approval granted on May 5, 2023 (planning reference 22/04356/ful). The approved plans allow for the transformation of existing structures into a vibrant mixed-use development featuring a ground floor retail space and 12 one-bedroom residential units, enhancing the current property yield of approximately £56,740 per annum. The site spans around 0.12 acres, currently accommodating two retail units, three residential units, and workshops arranged around a small courtyard. The designed scheme will offer a spacious 1,237 sq ft retail unit alongside an impressive 5,575 sq ft of residential space and ancillary facilities. With excellent access to major routes and amenities nearby, including local shops and restaurants as well as the Grafton Centre and Cambridge Retail Park, this location is set to attract both residents and businesses alike. The ongoing regeneration of Newmarket Road further enhances its investment appeal. Notably, the property retains parts of the courtyard for communal use while promising potential for future rental income from newly developed units. This project is ideal for investors looking to capitalize on a growing area with strong demand for housing and commercial spaces.
