COMMERCIAL OVERVIEW - JANUARY TO JUNE 2003

The commercial department at Arnolds has continued to be pivotal in the local property market. There remains strong demand from owner occupiers and investors in freehold commercial property and the occupier market has shown signs of recent recovery following the conclusion of the conflict in Iraq. Highlights of Arnolds involvement in the market include:-

Norwich City Centre Retail

Acting on behalf of the Butcher Group, ARNOLDS dealt with the letting of the long established former Hovells store.  The store was let to Just Add Water, an expanding company specialising in fashion and outdoor wear. The move completes the transition to secure Hovells success as a retailer through their out of town store which was acquired by ARNOLDS last year.

New Industrial Premises Valued

Acting on behalf of the leading national sunbed supplier, ARNOLDS have carried out a mortgage valuation on their new purpose-built warehouse facility on the Sweet Briar Industrial Estate on the outskirts of Norwich.  We have also pre-sold their existing premises, thereby minimising the risk and removing the requirement for bridging finance in the relocation.

Industrial Building Sold

Good quality freehold industrial premises in Norwich are in short supply and a high demand exists.  Following the demise of the previous tenant, ARNOLDS introduced the purchaser, CPW, prior to marketing, negotiating and agreeing the sale price and ensuring that the matter completed, off market, thereby minimising any loss to our clients.

New Business Centre - Fully Let

Acting on behalf of Morston Assets, a national property company, ARNOLDS secured the letting of their new business  centre at Melbourne House on Arminghall Close in Norwich.  The property had been extensively refurbished by your client and was fully let to five tenants within four months of completion work, thereby producing an attractive investment return for our clients. This was achieved by the tenacious ability of our surveyors to secure swift lettings arranged for occupation within a matter of days.

Freehold Office Sold

Freehold offices are in short supply at the current time. ARNOLDS advised nationwide accountancy franchisor, Tax Assist Direct, on the sale of their freehold building which generated a high level of interest. A number of parties were interested in purchasing and culminated in a sale, within three weeks, at some 27% above the guide price.

Retail Property Management

Acting on behalf of an expanding and well established family property company, ARNOLDS manage the Grove Road Retail Parade. Our duties involve, rent collection, basic building maintenance and administration of service charges.  The parade is widely acknowledged to be one of the most successful suburban parades in Norwich, created by its tenant mix and the presence of generous car parking, close to the city centre.

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