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
Freehold
PROPOSAL
Offers in excess of £3,550,000. (Assuming purchasers costs at 6.50%)
A purchase at this level reflects: Net Initial Yield 11.87%
Very Low Capital Value: £86 per Sqft
Reversionary Yield 13.99% upon vacant accommodation being let
