Nuveen sells £2.9m Norwich retail block changes hands
Nuveen has sold a retail block in Norwich which had been valued at £2,900,000 to a French SCPI (investment vehicle) for an undisclosed fee.
The property at 23-33 Castle Street & 7-7a Castle Street comprises four retail units across 15,013 sq ft and is let to tenants including Dr. Martens, Pure Brides, and Castle Fine Art.
The asset generates a total current income of approximately £295,000 per annum, with a weighted average unexpired lease term of 7.7 years to expiry and 4.1 years to break.
Jonathon Mills, equity partner at Forge, which acted for the vendor, said: “It was great to help achieve a successful result for our long standing client, Nuveen, a TIAA company. The sales process generated significant interest from a range of UK private and overseas investors, which enabled us to conclude the sale via a competitive bidding process, ultimately culminating in a successful sale to a French SCPI.”
Knight Frank acted for the buyer.