NR1 1 &11-13 Prince Of Wales Road 25 King Street, Norwich

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.

INVESTMENT SUMMARY

Highly prominent city centre office investment

Occupying a 0.52 acre corner site and benefiting from a wide range of retailers, food and beverage outlets nearby

The property comprises two modern refurbished office buildings totalling 41,454 sq ft (NIA)

Multi-let to tenants including Hays Recruitment, Handelsbanken, The MOD, AECOM, Pearson Professional, Verisk Claims, Arnolds Keys and The British Red

Cross

WAULT to lease expiries 4.8 years and to tenant breaks of 2.0 years

Current passing rent of £448,677 per annum

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

Approximately 2,900 sq ft of vacant refurbished accommodation provides opportunity to drive the rental tone

Excellent town centre car parking provisions with secure parking at basement (38) and surface (5) level providing a total of 43 spaces

Future potential opportunity to convert to residential subject to planning permission

Residential values in Norwich city centre are achieving in excess of £300 psf

The property is prominently situated on the corner of Prince of Wales Road and King Street, in Norwich city centre. This area of the city is characterised by professional and financial service occupiers, whilst also being in close proximity to the popular bar and restaurant area of Tombland, Zizzi, Giggling Squid, Revolucion De Cuba and Brewdog, are situated nearby.

Norwich's prime shopping area including Gentleman's Walk, The Royal Arcade, Castle Quarter and Chantry Place Shopping Centre are easily accessible, as is Norwich Railway Station at the eastern end of Prince of Wales Road. The property is close to major tourist draws including the Cathedral, located a short distance to the north, and the Castle, located to the south west, as well as the Riverside developments around the River Wensum and Norwich City Football Ground.