Units 20-25 Kingsway, City Trading Estate, Norwich, NR2 4UEPosted on February 1, 2018
In February 2018 Clay Street completed the sale of this prime trade park in Norwich on behalf of Clipstone.
- Multi let trade terrace located 1 mile (1.6 km) north of Norwich city centre.
- Situated in the established City Trading Estate, home to numerous national occupiers including Toolstation, Grafton Buildbase, Topps Tiles and Screwfix.
- Prominent edge of city centre location providing direct access onto the city’s inner ring road (A147).
- The property consists of a single well configured trade terrace comprising 6 units, providing a total gross internal area of 14,271 sqft (1,325.82 sqm).
- The units average approximately 2,370 sqft (220.18 sqm) and benefit from a regular layout with dedicated tenant yard and car parking area.
- The site extends to 0.66 acres (0.27 hectares) with a built site coverage of 49%.
- The estate is fully let to 6 tenants with a weighted average unexpired lease term of 4.31 years to expiries and 2.93 years to breaks.
- Excellent tenant retention across the estate with the majority of tenants occupying on renewed leases.
- Total rent passing of £92,772.85 per annum, reflecting a low average rent of £6.50 per sqft, providing an excellent platform for future rental growth.
The trade park was sold to a local authority client of JLL for £1,500,000 reflecting a Net Initial Yield of 5.85%.