OFFICE REFURBISHMENT 

AND LETTING

minotaur investments

office refurbishment and letting

31 King Street, Norwich, a 14,750 sq ft office building, was purchased by the client at a property auction. 

What we did

  • Agreed a very favourable dilapidations settlement
  • Looked at alternative uses for the building and came to the conclusion that the best use was to remain as offices as there was a shortage of self-contained building in Norwich City centre of this size and strong occupational demand
  • Advised that additional car parking spaces should be provided in the basement, the reception/entrance should be repositioned to make better use of the ground floor and the core and front façade should be re-designed
  • Project managed the refurbishment works in accordance with our recommendations

 

Result

  • Shortly after completion, there were many interested parties and we went to the best offers
  • A normal lease in the office market is for 10 years with a five-year break clause. Our project team ended up achieving a 16.5-year lease with an 11.5-year break clause at the asking rent, which equated to £13.50 per sq ft
  • The building was let to Flagship Housing Association

£195k

rental charge per annum

 Office Refurbishment - Minotaur Investments

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