Bidwells’ Norwich Business Space team is pleased to announce the letting of over 15,000 sq. ft. at 1 Prince of Wales Road to Validus IVC, specialists in insurance technology solutions.
Acting on behalf of NFU Mutual, leases of up to ten years have been agreed at a combined rent and service charge of around £260,000 per annum.
This letting of space over three floors constitutes more than half of the total office space within the building, with the result that it is now nearly fully let with just 3,000 sq ft remaining on the third floor.
Bidwells has been involved in the building from its beginnings in the 1990s re-development of the former car showroom site into the offices that stand there today.
The firm’s Building Consultancy team carried out the refurbishment of the vacant suites and the common toilet accommodation, adding showers and modern fittings. The refurbishment and upgrade works were instrumental in attracting Validus to 1 Prince of Wales Road, rather than other competing buildings within Norwich City centre and the surrounding area.
Chris Squirrell, Surveyor, Bidwells Business Space Agency said:
Securing the largest office let in Norwich so far in 2017 is a great tribute to our team and marks a major milestone for 1 Prince of Wales Road. This success also reflects on the high standard of refurbishment carried out by our own Building Consultancy division which was a key driver in securing the deal.
Tom Foley of Landlord NFU Mutual commented:
To secure a strong tenant on such a large amount of space is testament to the hard work put in by all the team and reinforces the decision to undertake a refurbishment earlier in the year. To have such a small amount of space available across the block emphasises the popularity of the location within the Norwich office market.