Under Offer

Norwich – Retail Investment & Residential Development Opportunity

Westlegate & Boars Head, Norwich NR1 3LT

Offers in excess of £7,000,000

Property Types:
Commercial, Development Opportunity
Sub Type:
Retail
Tenure:
Freehold
Net Initial Yield:
9.4%

Income

£451,000 per annum

Description

  • Unique opportunity to acquire a significant retail and office investment offering ongoing active asset management and significant development potential.
  • Well located in Norwich city centre, between John Lewis and Marks and Spencer
  • Total floor area of 56,155 sq ft (5,217 sq m)
  • Freehold
  • Large site area of 0.497 acres (0.201 ha)
  • 15 retail units with a total passing rent of £451,000 per annum
  • AWULT of 6.2 years to expiry and 3.2 years to break

DEVELOPMENT POTENTIAL

  • Total scheme provides 69 apartments via office conversion and new build extensions
    100% private accommodation
  • The total consented proposed residential accommodation comprises an approximate NSA of 3,232.3 sq m (34,792 sq ft)
  • Alternative uses such as a hotel or student scheme may be achievable, subject to the necessary consents.

PROPOSAL

Offers sought in excess of £7,000,000 (Seven Million Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield of 9.4% assuming standard purchaser’s costs on the retail accommodation and a low £71.86 psf on the NSA of the consented residential accommodation.