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:
- Net Initial Yield:
£451,000 per annum
- 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)
- 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
- 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.
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.