14-18 St Stephen Street
Norwich
- 53,827 sq ft
5,001 sq m - Retail
- New Look Lakeland Slaters Menswear
Location
Situated on St Stephen Street, the prime retail pitch in Norwich, and in close proximity to the Intu Chapelfield shopping centre at 40–46 St Stephens Street.
Description
The property comprises a purpose built retail building comprehensively redeveloped in 2006/07 and provides three retail units totalling 53,827 sq ft (5,001 sq m) arranged over basement, ground / upper ground, first and second floors. The three retail units are let to Lakeland, New Look and Slaters Menswear with a WAULT of seven years three months.
Asset Management and Sale
A sale was undertaken in order to capitalise on the upward trend for well located prime pitch retail and the improvement in New Look’s covenant strength.
Investment Metrics
Acquired in October 2013 for £8.5m and sold at a significant increase in November 2015. The strengthening of New Look’s covenant improved the investment viability of the asset.
