Sidney Sussex College has acquired a six-storey retail building in Cambridge from Scottish Widows Fund and Life and Schroders Investment Managers for an undisclosed sum.
The 38,525 sq ft building at 20-22 Sidney Street is currently occupied by Waterstones Books and Vinyl Nightclub. It was purchased freehold, subject to the two leases.
Martin Pierce, bursar of Sidney Sussex College, said: “We are delighted to acquire this prestigious site, which is a natural extension to our portfolio of retail commercial property in Cambridge. We look forward to working with Cheffins and both Waterstones and Vinyl going forward.”
Edward Dodson, director at Cheffins, which advised Sidney Sussex College on the purchase, added: “This was a substantial purchase for the college. 20-22 Sidney Street is a landmark Cambridge building which, before becoming a major bookstore, was previously home to ‘The Dorothy,’ a famous tea room, dance hall and music venue which hosted the likes of Pink Floyd, Jimi Hendrix and The Who amongst others. This purchase abuts the existing college estate, which includes properties on Sidney Street, Sussex Street, King Street and Hobson Street.”
Darren Hill, director at Cheffins, who manages the Sidney Sussex portfolio, said: “This is a significant addition to the Sidney Sussex commercial portfolio and widens the range of tenants within the estate. The acquisition of 20-22 Sidney Street was an exciting project to be involved in and we are looking forward to working with the occupants and bringing them under the Sidney umbrella.”
