FOUR NEW LETTINGS AT ST ANDREW’S BUSINESS PARK WITH COMBINED ANNUAL RENT OF OVER £1/2 MILLION REFLECTS STRONG DEMAND FOR GRADE A OFFICES
Nearly 40,000 sq ft of Grade A office space across four buildings on the St Andrew’s Business Park have been successfully let by Arnolds Keys, with a combined annual rent of over £1/2 million – reflecting strong demand for good quality office accommodation in Norwich.
All four buildings have been let to service sector businesses which are expanding – showing that the business economy is performing strongly, despite uncertainties about Brexit.
The four deals done are:
- A 15,696 sq ft building, formerly occupied by Clarion Housing, which has been let to accountants Price Bailey to accommodate their expanding business
- A 3,950 sq ft building, formerly occupied by Price Bailey, which has been let to professional services company External Services, which has moved from the Henderson Business Centre
- A 16,172 sq ft building, formerly the offices of Clarion Housing, which has been let to business process outsourcing firm Williams Lea
- The ground floor of a building, measuring 2,968 sq ft, also formerly occupied by Clarion Housing, which has been let to offshore engineering firm Cape Plc, to allow for expansion
“The strong demand for the quality office buildings at St Andrew’s Business Park shows that Grade A space is still very much sought after,” says Managing Partner Guy Gowing. “It reflects a restricted supply of top quality offices in the city, but also that the business economy is performing strongly despite all of the uncertainty surrounding Brexit. St Andrew’s Business Park goes from strength to strength, taking full advantage of its excellent location close to where the Norwich southern bypass and the Northern Distributor Road come together.”
Ginny Seaman, director of Bullen properties, which owns all four of the buildings, added, “This is a great vote of confidence in one of our prime assets. Having been disappointed that Clarion Housing left St Andrew’s Business Park, we are delighted to have widened the investment base, enabling one occupier to expand and attracting three new occupiers to one of Norwich’s premier out of town business locations.”
Other recent deals
- Nearly seven acres of commercial land bordering the A140 in Aylsham have been sold to a local developer on behalf of Pigeon Investment Management.. The 6.78 acre parcel of land is at the eastern end of the Aylsham Business Estate, with purchaser planning to bring forward a mixed development of office buildings and light industrial units.
- Snuggles Day Nursery, Beacon Park. A 5,500 sqft building. There is increasing demand for bespoke buildings, especially in the Great Yarmouth area.
- Several retail deals have been done in the independent sector in and around Norwich Lanes, including the letting of 21 Timber Hill to Re. Source, a new vegan shop and café, where all the products will be sold without packaging, and the sale of 18 Bridewell Alley, a 778 sq ft retail unit over three floors.
- It’s not just in the city where good office space is attracting strong rental yields. A 687 sq ft office unit at Manor Farm Barns in Framingham Pigot was let recently to technology company Quadmark, at more than £14 a square foot.