Sales

Fuel Studios

Pottergate, Norwich NR2 1DX
Unique opportunity to acquire a freehold creative & digital hub in the heart of Norwich
  • Norwich is an affluent cathedral city with a rich heritage and is the principal and administrative centre for Norfolk and East Anglia.
  • Home to two leading universities, a world class research hub and has been pinpointed as a vibrant and creative tech cluster.
  • Fuel Studios occupies a prominent position on Pottergate where it joins St Lawrence Lane in the heart of the city centre.
  • TCN have extensively refurbished levels 6, part 5, 4 & 1 to accommodate modern creative office space.
  • NIA of 71,286 sq ft (6,622.5 sq m) arranged over six levels.
  • Freehold, fully-let to 34 tenants plus 48 flexible desks.
  • A WAULT of 3.00 years to expiry and 2.80 years to break.
  • 45% of the income is let to the undoubted covenant of the Secretary of State for Communities and Local Government (operating as a Job Centre Plus).
  • The current net rent of £694,338 per annum, as configured, reflects a very low average net rent of £10.57 per sq ft
  • Recent lettings reflect net rents in excess of £16.00
    per sq ft.
  • Opportunity to improve the income through increasing the rents at the upcoming lease expiries and rent reviews.
  • Opportunity to explore a lease surrender with BT (11,387 sqft) and refurbish their suite creating additional flex office suites capitalising on the very strong occupational demand.

Offers are invited in excess of £7,200,000 subject to contract and exclusive of VAT.  A purchase at this level would reflect a Net Initial Yield of 9.04% and a Reversionary Yield of 11.63%. This reflects a capital value of £101 per sq ft after allowing for purchaser’s costs of 6.65%.

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