COMMERCIAL PROPERTY MARKET UPDATE
Arnolds are at the forefront of many commercial property transactions in Norwich and Norfolk and are a leading player in the local commercial property market. Specialising in providing quality strategic advice on the property holdings of individual clients, private and corporate, the Commercial Property Department has four Chartered Surveyors, with graduate and secretarial support, concentrating exclusively on commercial property.
The department has been exceptionally busy over the last six months during which
time the commercial market has experienced a particularly buoyant period, in all
sectors. Several of the highlights involving the Arnolds team include:
- Norwich City Centre Retail - Acting on behalf of a private family
trust ARNOLDS promptly let a substantial city centre store. The property had
been let to Andy's Records for over 20 years and the new lease was signed
on the day that the previous tenant vacated thereby minimising our landlord
client's rental void and achieving a substantial uplift in rental received.
- Industrial Development Sales - On behalf of First Space Construction
ARNOLDS has sold the first phase of the new development of industrial units
at Rhombus Park, a high quality development of business premises. In recent
months freehold property has become increasingly sought after and the first
phase sold out over just three months with the next phase following shortly.
- Office Lettings - Acting on behalf of Citygate Developments, an
up and coming Norwich property company, ARNOLDS negotiated the letting of
two floors of newly refurbished office space to an international firm of property
consultants. The letting was agreed at a healthy level of rent providing a
good return for our clients.
- Lease Advice - ARNOLDS have advised a number of clients including
Anglian Water Services in respect of the terms of a new lease for a high quality
building following refurbishment by the landlord, thus ensuring our client
will occupy high quality offices on favourable terms.
- Town Centre Redevelopment - Acting for the Holt Medical Practice
ARNOLDS has sold the substantial former Doctors Surgery premises situated
in the centre of Holt to Morston Assets, a locally based property investment
company who will occupy the premises for their own purposes. The practice
is relocating to a new purpose-built facility and ARNOLDS are currently advising
on the building design and project management.
- Shop Investments - ARNOLDS advise on a wide range of investment sales
and purchases, recently including retail premises and residential accommodation
in the Norwich city centre where advice was offered to a London property company
client on the sale of a freehold investment. An excellent price was agreed
quickly, within three weeks of confirmation of instructions.
Arnolds are proud of their involvement in the local commercial property
market and please see our commercial property listings on this website or
make contact with one of our Commercial Surveyors. John Hadcroft ARICS
Commercial Associate
Arnolds
November 2002
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