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Accommodation
The property has been measured by BKR Floor Plans and provides the following areas
| Gross Internal Area | ||
| Gross Frontage | 24.16 m | 79’3” |
| Ground Floor | 736.26 sq m | 7,925 sq ft |
| First Floor | 576 sq m | 6,200 sq ft |
| Total | 1,312.26 sq m | 14,125 sq ft |
| Residential Flat | 77.30 sq m | 832 sq ft |
| Net Internal Area | ||
| Net Frontage | 21.72 m | 71’3” |
| Ground Floor | 710.52 sq m | 7,648 sq ft |
| First Floor | 425.59 sq m | 4,581 sq ft |
| Total | 1,136.11 sq m | 12,229 sq ft |
A set of floor plans is available to download and the measured survey report will be assigned to the purchaser at a cost of £890.00 + VAT.
Energy Performance Certificate (EPC)
The EPC rating for the property is “C” and has an expiry date of June 2032.
Rateable Value
According to the valuation office website the rateable value for the property is as follows
| Unit | Description | Rateable Value |
| 49 High Street | Commercial | £151,000 |
| 51 High Street | Offices | £11,000 |
The business rates multiplier for 2024/2025 is 54.6 pence for rateable values of £51,000 or more and 49.9p for rateable values below £51,000.
Tenure
Freehold.
Tenancy
The property is entirely let to Marks & Spencer PLC on a full repairing and insuring lease for a term of 5 years from 1st July 2024, expiring on 30th June 2029 at a passing rent of £165,000 per annum. There is a tenant’s break option on 1st July 2027, subject to six months’ written notice.
We understand the tenant has been in occupation since at least 2008 (17 years) and entered into a lease renewal in July 2024, we suggest demonstrating their desire to remain in the property.
Covenant
For the year ending 30th March 2024 Marks & Spencer PLC (00214436) reported
| 30 March 2024 | 01 April 2023 | |
| Revenue | £12,896m | £11,847m |
| Pre-Tax Profits | £686.6m | £432.6m |
| Total Equity | £4,746.6m | £4,548.0m |
Marks & Spencer PLC is a major British Multinational retailer. It is listed on the London Stock Exchange (MKS:LSE) and is a constituent of the FTSE 100 Index with a current market capitalisation (as of June 2025) of £7.4 billion.
Founded in 1884 by Michael Marks and Thomas Spencer, M&S began as a single market stall in Leeds. Currently Marks & Spencer have over 64,000 employees and 1492 stores globally with over 1000 stores in the UK, 420 being Simply Food stores. M&S offer a diverse range of products including clothing, beauty, homewares and food; they are known for high quality, British made products with a focus on own brand goods. The retailer has a global presence with representation in over 70 international markets and a strong online presence.
VAT
The property has been opted for the purposes of VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
Proposal
We are instructed to seek a figure of £1,550,000 (One Million, Five Hundred and Fifty Thousand Pounds) subject to contract, reflecting a net initial yield of 10.0% assuming purchaser’s costs of 6.12%.
Please note that a purchaser will be re-charged the cost of the measured survey (£890.00 + VAT) and searches (£1,383.59) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of 1.0% of the purchase price plus VAT.
Investment Considerations
An opportunity to acquire a freehold retail investment in an affluent Cambridgeshire market town;
Situated in a prime retailing pitch;
Undoubted income – let to Marks & Spencer PLC (Market Cap £7.4bn);
The tenant has been in occupation since at least 2008 (17 years) and committed to a new lease in July 2024;
A purchase at the asking price reflects an attractive net initial yield.
