Site B, Ernest Gage Avenue, William Frost Way, Longwater, Norwich, Norfolk, NR5 0JS

Freehold Open Storage Investment

• Property specification

  • Longwater, a prominent commercial hub west of Norwich, offers excellent connectivity via the A47 and is home to a thriving retail park anchored by major national occupiers including Sainsbury's, M&S, Next, Aldi and The Range
  • Highly prominent sites with over 200m of roadside frontage
  • The two sites extend to 7.71 acres (3.12 ha), providing a low site cover of approximately 3.50% on the let space (6.72 ac / 2.72 ha), offering good long-term redevelopment potential (STP)
  • One of the plots benefits from a modern 10,028 sq ft warehouse
  • Adjacent site sold to Aldi in 2022 for approximately £1.545m per acre
  • The property is fully let to 5 tenants and benefits from a WAULT of 7.80 years to lease expires and 6.00 years to lease breaks
  • Rent passing is £380,756 per annum reflecting a low blended rent of £0.82 per sq ft on the open storage space and £7.10 per sq ft on the warehouse
  • 50% of the income contracted from Biffa Waste Limited (D&B: 5A3)
  • We are instructed to seek offers in excess of £5,800,000, subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 6.16% and a potential reversionary yield of 7.03% based on our opinion of ERV assuming standard purchaser's costs of 6.69% and a low capital value of approximately £800,000 per acre on the 7.25 acres of usable space.
  • £5,800,000 / NIY 6.16%

• Description

  Opportunity to acquire rare freehold open storage investment in a prime out-of-town retail and commercial location in Norwich