Columbia Threadneedle puts Norwich’s Anglia Square on the market
Columbia Threadneedle Investments has appointed Knight Frank to market the Anglia Square redevelopment opportunity in Norwich.
The 11.4 acre site – which has been given a minimum guide price of £8.5m – currently has planning permission for a mixed-use scheme to create over 86,000 sq ft of commercial space as well as 1,100 homes.
The site sits in the heart of Norwich City Centre, just 500 metres from the city hall and the historic market. Currently, Anglia Square consists of a covered 34-unit retail mall, a former cinema, two office buildings, a multi-storey car park, and two night clubs.
Anglia Square presents a potentially attractive investment opportunity for developers, as Norwich struggles with high demand for housing and commercial space.
A £300m revamp of Anglia Square by Weston Homes was scrapped in February.
Charlie Hart, head of development land at Knight Frank, said: “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.”
Columbia Threadneedle Investments acquired the site for £7.5m in 2014.