FREEHOLD OFFICE DEMAND STRONG IN CITY AS TWO HIGH PROFILE BUILDINGS ARE SNAPPED UP
Published 19 March 2021
Two high-profile Norwich office buildings have been sold to owner occupiers – further indication of the strong demand for freehold commercial buildings in the city.
100 Prince of Wales Road, a 5,543 sq ft, three storey building close to the city’s railway station, has been sold for close to the asking price of £747,500, while Cedar House, a 3,980 sq ft two storey office building in Carrow Road, has been snapped up for close to its asking price of £645,000.
Guy Gowing, managing partner at Arnolds Keys, which handled the sales and marketing of both buildings, said that the rapid sale of the two was further indication of the strong demand for freehold commercial property in the city.
“Low interest rates coupled with a willingness among lenders to offer commercial mortgages, coupled with a dwindling supply of quality office buildings in the city, mean that occupiers and investors alike are snapping up commercial freeholds as soon as they come onto the market."
He additionally notes that, “Despite a move towards more flexible working patterns, it is clear that office buildings will continue to play a major role in business into the future.”
Cedar House is a detached self-contained office building at the entrance to City Office Park, and includes 20 car parking spaces. 100 Prince of Wales Road is a detached three-storey office building which has Planning consent existed for conversion into 25 studio flats, but the demand was stronger for its continued use as offices.
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