Commercial property
Sold Freehold Multi Let Office Investment : 69-75 Thorpe Road, Norwich

Summary

• Multi let office investment located on the main arterial route into Norwich, 1 mile to the east of the city centre
• Provides a three storey office of 25,326 sq ft (2,352.75 sq m) plus 82 car spaces
• Attractive car parking ratio of 1:308 sq ft
• Substantially refurbished since 2002 providing good quality air-conditioned offices with flexible accommodation on each floor in a range of suites from 653 sq ft to 5,442 sq ft
• Let to 6 tenants providing a total income of £301,447 per annum (£11.90 per sq ft overall)
• AWULT of 5.12 years, and 2.53 years to break
• Medium term potential for residential conversion and extension (subject to obtaining the necessary statutory consents)
• Offers sought in excess of £3,200,000 for the freehold interest, subject to contract and exclusive of VAT, reflecting an attractive net initial yield of 8.85% assuming standard purchaser’s costs of 6.47%