Tue, 14 Sep 2021 | COMMERCIAL PROPERTY
The Royal Arcade shopping centre In Norwich is up for sale with a guide price of £1.25 million. The covered shopping arcade, prominently located in Norwich’s pedestrianised city centre, has been owned by Legal & General for 12 years.
The property is being brought to market by property auctioneer Acuitus on a freehold basis. The 30,000 sq ft centre contains 20 retail units across the ground floor, five of which are currently vacant. The property’s first and second floors are also vacant, having previously been home to a restaurant.
The Royal Arcade is grade II listed and is located in close proximity to Norwich Castle, Norwich Market, the city’s Castle Mall Shopping Centre and car park, as well as the main city centre bus stops. There are three entrances to the centre – on Gentleman’s Walk, Castle Street and White Lion Street – and an electrical substation on site.
The property was designed by celebrated Norfolk architect George Skipper, who also designed other prominent buildings in Norwich, such as the Jarrold department store and Surrey House.
According to Acuitus, the property offers significant asset management opportunities and could benefit from redevelopment in future for a range of uses, subject to necessary consents.
Acuitus is set to bring the property to market in a livestreamed auction on Friday, September 24.
One of the best ways to find properties below market price is to look at recent administrations.
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