Estate agency Knight Frank has been appointed to market a transformative redevelopment opportunity in the heart of Norwich.
Anglia Square, a substantial 11.4-acre site in the city centre, is being brought to market with a guide price of £8.5m-plus.
Located just 500 meters from Norwich City Hall and the historic market, the site benefits from a prime, city centre location. It has planning permission granted for a mixed-use scheme comprising up to 1,100 residential units, as well as 8,000 sqm of flexible commercial space.
The 11.4-acre site currently consists of a covered 34-unit retail mall, former cinema, two office buildings, a multi-storey car park and two-night clubs. The existing site generates a current annual rental income of £698,000 and holds significant opportunity for additional income according to Knight Frank.
Anglia Square represents a rare investment opportunity to deliver large-scale urban regeneration in the core of Norwich, a city that experiences a robust demand for quality housing and commercial space and a lack of supply, making it an attractive prospect for developers and investors alike.
Charlie Hart, Head of Development Land at Knight Frank, says: “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 looking forward.
“Viability challenges exist across the regional UK for high density development, but we know outstanding mixed-use development is deliverable today, subject of course to identifying the appropriate complimentary mix of uses and density thresholds. In this instance, 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.”