Knight Frank launches Norwich City Centre regeneration opportunity

Knight Frank launches Anglia Square in Norwich city centre, a substantial 11.4-acre site brought to market with a guide price of £8.5m.

Norwich City Centre regeneration site, brought to the market by Knight Frank | PBSA News
Norwich City Centre regeneration site, brought to the market by Knight Frank.

Knight Frank has been appointed by Columbia Threadneedle Investments 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. It has been given a guide price of £8.5m.

Located 500 meters from Norwich City Hall and the historic market, the site benefits from a prime, city centre location. The site has planning permission granted for a mixed-use scheme comprising up to 1,100 residential units. Additionally, there is 8,000 sqm of flexible commercial space.

The 11.4-acre site currently consists of a retail mall, former cinema, two office buildings, multistorey car park and two-night clubs. The existing site generates a current annual rental income of £698,000. It 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 city centre. 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.

“We are pleased 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.”

Charlie Hart, Head of Development Land at Knight Frank

Recently Knight Frank secured planning for a Birmingham PBSA scheme. The brownfield site has remained vacant for over five years.

The large-scale mixed-use regeneration project, which is located on the former Sainsbury’s site at 1 Chapel Lane, will deliver two blocks of PBSA. The Selly Oak scheme will also feature 13,688 sq ft of ground floor commercial space and a 13,374 sq ft medical centre.

It is designed by award-winning architects Corstorphine & Wright. The scheme is also set to deliver amenities including study areas, lounges, a gym and a cinema.