Major Freehold Commercial Investment Sold

The Freehold Interest of King Street House on Upper King Street in Norwich’s Business District has been sold by Norwich based property company, Bullen Investments Limited to East Anglian Property Limited.  The property is let to and occupied by regional Chartered Accountants, Larking Gowen, who took the property in 1999 following a major refurbishment of the property.
 
“The sale of this investment property confirms a strong and buoyant market” states Nigel Handley, Director of Bullen Investments Limited.  “This investment was purchased with the clear intention of adding value.  Having concluded the recent rent review at a level which met with our expectations, we had planned to sell the investment and re-invest the funds.  The level of interest for the property was considerable and we are pleased to have agreed a sale well above the guide price.”
 
East Anglian Property Limited based in Brundall are delighted to have acquired the property against stiff opposition and see it as a good addition to their expanding investment portfolio.
 
Arnolds Chartered Surveyors acted for Bullen Investments Limited in the sale.  Managing Partner, Guy Gowing who acted said “we are delighted for our client with the price achieved and to have found a local purchaser of the quality of East Anglian Property Limited, who exchanged unconditional contracts within 3 weeks of receipt of draft documentation and legal completion in a further 2 weeks.  This indicates that with a quality covenant and reliable rent roll, there is a clear demand from investors”.  Acting on this transaction is further proof that Arnolds are an active player in the property investment market and one they are keen to expand.

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