The Huntingdon office of Barker Storey Matthews has recently acted for the purchaser, the Abbey Group Cambridgeshire Ltd, in the search and acquisition of the freehold of a site in St Ives which is set for residential redevelopment.

The 0.21-acre site is Hopbine Yard on East Street in the town centre and was most recently an ATS Tyre & Exhaust Centre. It was marketed by London-based commercial agents, Hartnell Taylor Cook for offers in excess of £350,000.

The final sale price remains client confidential but Barker Storey Matthews understands that the site generated a significant amount of interest from a number of parties.

Barker Storey Matthews played a full role in the acquisition of Hopbine Yard by its client, introducing the site, advising and conducting negotiations and preparing development appraisals ahead of the purchase.

Stephen Power, Director, Barker Storey Matthews Huntingdon office, confirms that the site is intended for residential conversion in due course and consultation plans are in preparation, currently.

He said, "Our client is very active in the St Ives area and it's a key location for our business too.  Having extensive knowledge of the commercial and residential profiles of the Cambridgeshire market towns, the development potential presented by Hopbine Yard was obvious.

The acquisition of this site provides an opportunity for the provision of good quality residential homes in a central location of this bustling town that's so well positioned for public and private transport links between Cambridge and Huntingdon."

For more information on commercial property for rent in Cambridge and site acquisition services in the Cambridgeshire area, contact Stephen Power, 01480 451578, srp@bsm.uk.com or see www.bsm.uk.com.