Commercial property company Dencora - advised by Bidwells - has acquired 52,281 sq ft Reed House at Broadland Business Park in Norwich from Lothbury Investment Management.
The four-storey office building is currently let to Integrated Care 24 and Clarion Housing Group. The combined passing rent was £694,075 pa. The freehold property comes with a total of 250 car parking spaces at an attractive ratio of 1:209 sq ft. The deal completed on 24 March 2020.
Norwich-based Dencora own and manage a mixed portfolio incorporating office, warehouse and retail property totalling approximately 1 million sq ft across the Eastern region and beyond.
Dencora Managing Director, Ed King, said:
“We are pleased to have completed the purchase of Reed House. Its strong tenant line-up and good growth prospects make it a logical addition to our commercial property portfolio.”
Bidwells Head of Capital Markets, Andrew Groves, said:
“Reed House has strong future asset management potential and is well located on Broadland Business Park, home to several high- profile national and international occupiers. Not only that, the deal was completed in one of the most turbulent weeks in recent memory which demonstrates real confidence in both the location and asset.”
Lothbury Investment Management was represented by Savills.