Acting on behalf of Legal & General, Fawcett Mead has sold the freehold interest in 21 Gentlemens Walk and 10 Castle Street, Norwich. This comprises a substantial city centre freehold block which is let to NatWest Bank and Virgin Money at a total rent of £504,000 pa with a weighted average unexpired lease term of 4.40 years. The purchase price of £5,900,000 reflected a net initial yield of circa 8%.
Richard Bashford commented – “The sale of this property demonstrates that there is still good demand for well let in-town retail investments where there is longer term scope for redevelopment”.
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