January 30, 2017
A private landlord, advised by KLM Retail, has sold its 13/14 Gentleman’s Walk retail property in Norwich for £3.3m, reflecting a net initial yield of 6%.
The 4,900 sq ft asset forms part of a larger mixed use property on the pedestrianised section of Gentleman’s Walk, the historic city’s prime retail pitch. The building incorporates strong covenant retailers Hotter Shoes and jeweller H Samuel.
With an average unexpired term of approximately 6.5 years, the retail units generate a total rent of £211,000 pa. The upper parts of the building accommodate nine luxury apartments which completed in June 2016 and have been sold off on a long lease.
Orme Retail on behalf of the purchaser.