Property Details

The Property Comprises Two Modern Refurbished Office Buildings Totalling 41,454 Sq Ft (nia). 1 Prince Of Wales Road Is A Period Style Building That Totals 29,687 Sq Ft And Is Arranged Across Ground And 3 Upper Floors, Whilst 11-13 Prince Of Wales Road Totals 11,767 Sq Ft And Is Arranged Across Ground And 2 Upper Floors.<br>
<br>
Investment Summary<br>
<br>
Highly Prominent City Centre Office Investment<br>
<br>
Occupying A 0.52 Acre Corner Site And Benefiting From A Wide Range Of Retailers, Food And Beverage Outlets Nearby<br>
<br>
The Property Comprises Two Modern Refurbished Office Buildings Totalling 41,454 Sq Ft (nia)<br>
<br>
Multi-let To Tenants Including Hays Recruitment, Handelsbanken, The Mod, Aecom, Pearson Professional, Verisk Claims, Arnolds Keys And The British Red Cross<br>
<br>
Wault To Lease Expiries 4.8 Years And To Tenant Breaks Of 2.0 Years<br>
<br>
Current Passing Rent Of £448,677 Per Annum<br>
<br>
Low Average Rent Of £12.92 Per Sq Ft. Recent Letting Deals Across The Two Buildings Provide Reversion Evidence At £14.50 Per Sq Ft<br>
<br>
Approximately 2,900 Sq Ft Of Vacant Refurbished Accommodation Provides Opportunity To Drive The Rental Tone<br>
<br>
Excellent Town Centre Car Parking Provisions With Secure Parking At Basement (38) And Surface (5) Level Providing A Total Of 43 Spaces<br>
<br>
Future Potential Opportunity To Convert To Residential Subject To Planning Permission<br>
<br>
Residential Values In Norwich City Centre Are Achieving In Excess Of £300 Psf<br>
<br>
Freehold<br>
<br>
Proposal <br>
<br>
Offers In Excess Of £3,550,000. (assuming Purchasers Costs At 6.50%) <br>
<br>
A Purchase At This Level Reflects: Net Initial Yield 11.87%<br>
Very Low Capital Value: £86 Per Sqft <br>
Reversionary Yield 13.99% Upon Vacant Accommodation Being Let