Knight Frank Markets Major Regeneration Opportunity in Norwich City Centre

Posted by UK Property Forums on 21st June 2024 -

Knight Frank has been appointed by Columbia Threadneedle Investments to market a large redevelopment opportunity in the heart of Norwich. 

The 11.4-acre Anglia Square site, located just 500 metres from Norwich City Hall and the historic market, is being offered with a guide price of £8.5 million.

The site has planning permission for a mixed-use scheme, including up to 1,100 residential units and 8,000 sqm of flexible commercial space. Currently, Anglia Square comprises a covered 34-unit retail mall, a former cinema, two office buildings, a multi storey car park, and two nightclubs. The existing site generates an annual rental income of £698,000 and holds significant potential for additional income, according to Knight Frank.

Anglia Square represents a rare investment opportunity for large-scale urban regeneration in Norwich, a city with a high demand for quality housing and commercial space but limited supply. This makes it an attractive prospect for developers and investors.

Charlie Hart, Head of Development Land at Knight Frank, stated, “We are thrilled to be offering Anglia Square for sale on behalf of Columbia Threadneedle Investments. It has been a priority asset for Norwich for over two decades, and despite the well-publicised withdrawal by Weston Homes earlier this year, we are very excited about the prospects for the property moving forward.”

Hart added, “Viability challenges exist across the regional UK for high-density development, but we know outstanding mixed-use development is achievable today, subject to identifying the appropriate complementary mix of uses and density thresholds. Anglia Square has strong income potential from a range of tenant types, as well as ‘easy wins’ for early disposals and development.”

“This gives an incoming purchaser real optionality on how to address the development outcome, whilst enjoying income from working the existing buildings and spaces in an entrepreneurial manner.”

The redevelopment of Anglia Square is set to be a revolutionary project for Norwich, providing much-needed housing and commercial space in a prime city centre location. The project’s scale and scope present a unique opportunity for investors to contribute to the city’s ongoing growth and development.