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Orford House & Its Location

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Orford House & Its Location ICONIC MIXED USE REPOSITIONING OPPORTUNITY Orford Place Norwich, NR1 3RZ Flagship 111,000 sq ft building • To Let / For Sale • Prime city centre location • Rarely available large floorplate • Opportunity to subdivide • Available with vacant possession • Property is not listed orfordhousenorwich.com NORWICH 02 ORFORD HOUSE Founded in the 5th Century, Norwich is a city with well- FACTS deserved pride in its history, ABOUT people and accomplishments. As centuries have passed, the city has evolved, connecting NORWICH change with opportunity to create wealth and prosperity. Indeed, Norwich’s flexibility and resilience are embodied by iconic buildings rich in nostalgia; Orford House being one of the largest and most visible in the city centre. DEMOGRAPHICS NORWICH INTL AIRPORT NORWICH MARCH Norwich Research PETERBOROUGH EAST ANGLIA’S 12.3 Million Park comprises over 80 businesses, 8,500 ELY THETFORD GLASGOW EDINBURGH LARGEST MAJOR Annual Tourists A11 employees and 2,500 RETAIL CENTRE to Norwich scientists ST IVES RUSHDEN NEWCASTLE CAMBRIDGE BURY ST EDMUNDS Annual tourist spend M11 20,000 worth an estimated MILES IPSWICH LEEDS 65 MINS 3.5 MANCHESTER STUDENTS TO LONDON BY TRAIN TO NORWICH AIRPORT STANSTED AIRPORT FELIXSTOWE M1 LUTON NORWICH AIRPORT HARWICH £752M Norwich is serviced STEVENAGE BIRMINGHAM by the A11 running IPSWICH UEA RANKED IN TOP 15 to cambridge and COLCHESTER CAMBRIDGE of the UK University League Table TO NORWICH beyond A1(M) M11 CLACTON-ON-SEA CHELMSFORD HARLOW LONDON MALDON PRIMARY CATCHMENT M25 POPULATION OF RISING TOP 10 UK HOUSE PRICES SHOPPING DESTINATION 894,000 LONDON AFFLUENT CATCHMENT LOW NORWICH IS THE 11TH RANKED PROMIS CENTRE POPULATION UNEMPLOYMENT 03 ORFORD HOUSE Jarrold Market Norwich Next Dept Store Norwich Forum Castle Royal Arcade Shopping ORFORD HOUSE & McDonald’s Primark Theatre Royal ITS LOCATION Castle Quarter Shopping Orford House’s incredible Having risen from the ashes of Chantry Shopping bombing in WWII, it was home to location and imposing physical (3mins) Tesco presence are matched only by retail giants Curl’s and more recently, Debenhams. Orford House is an the affection Norwich people opportunity to shape Norwich M&S have for it. for tomorrow. New Look John Lewis Sainsbury’s (3mins) N O R W I C H N O R W I C H M A R K E T R O Y A L A R C A D E C A S T L E S H O P P I N G J A R R O L D N O R W I C H D E P T F O R U M HAYMARKET S T O R E FARMERS AVE IN THE HEART OF H A Y T H E A T R E S T H I L L NORWICH CITY CASTLE MEADOW N O R W I C H Orford House occupies a prominent S T A T I O N T H E A T R E O R F O R D ( 1 1 m i n s ) R O Y A L location that corners both Red Lion H I L L C A S T L E ORFORD PLACE WILLIAM BOOTH ST Q U A R T E R S H O P P I N G Street and Brigg Street. HOUSE OF FRASER B R I G G S T RAMPANT HORSE ST RED LION ST KEY ISLAND SITE MALTHOUSE ST Linking all of the main city CHANTRY ROAD C H A N T R Y P L A C E centre retailing streets. S H O P P I N G M&S W E S T L E G A T E NEW ST.STEPHENS ST LOOK Pedestrian ALL SAINTS GREEN footfall HIGH location S U R R E Y S T B U S S T A T I O N RARELY AVAILABLE LARGE FLOORPLATE 04 ORFORD HOUSE FLOOR LEVEL GROSS INTERNAL AREA (SQ M) GROSS INTERNAL AREA (SQ FT) Lower Ground Floor 1,893 sq m 20,385 sq ft TENURE & Ground Floor 1,718 sq m 18,495 sq ft Upper Ground Floor 384 sq m 4,135 sq ft ACCOMMODATION First Floor 1,420 sq m 15,292 sq ft Upper First Floor 324 sq m 3,497 sq ft Second Floor 1,538 sq m 16,560 sq ft Third Floor 1,552 sq m 16,384 sq ft Fourth Floor 1,363 sq m 14,679 sq ft TOTAL 10,379 sq m 111,723 sq ft TENURE *A full measured survey is available. Orford House is held freehold. ACCOMMODATION The premises comprise a standalone brick built department store arranged over six floors benefitting from strong natural light throughout. Due to Orford House’s strategic central location it has successfully traded as a department store for nearly 50 years and in the original Debenhams CVA it was allocated as a Category 1 store given the strong sales performance. The building is currently serviced from Orford Place. 05 ORFORD HOUSE FLOORPLANS LOWER GROUND FLOOR GROUND FLOOR L 20,385 sq ft G 18,495 sq ft ORFORD PLACE ORFORD PLACE BRIGG ST BRIGG ST STORE LIFT LOADING LIFT RED LION ST RED LION ST RAMPANT HORSE ST RAMPANT HORSE ST NORTH NORTH 06 ORFORD HOUSE FLOORPLANS FIRST FLOOR SECOND FLOOR 1 15,292 sq ft 2 16,560 sq ft SECOND FLOOR ROOF RETAIL STORES STORE STORE LIFT LIFT LOADING LOADING LIFT LIFT PRIVATE COURTYARD NORTH NORTH 07 ORFORD HOUSE FLOORPLANS THIRD FLOOR FOURTH FLOOR 3 16,384 sq ft 4 14,679 sq ft STORE STORE LIFT LIFT LOADING LOADING LIFT LIFT NORTH NORTH 08 ORFORD HOUSE GROUND & LOWER GROUND The ground and lower RETAIL COMPETITIVE ground floors lend We have received notes of SOCIALISING REPOSITIONING themselves to retail, interest from seven major There are various outstanding leisure or gym use. national retailers looking to requirements for large space occupy space within from leisure operators in what is the building. one of the most active sectors in THE BUILDING the UK at present. The premises are well suited for alternative GYMS Due to a lack of large floor plates RESTAURANTS within the city centre there is a uses across various floor levels. A sub-division of the ground scarcity of medium to high end floor will provide an excellent gyms in occupation. restaurant opportunity given the building’s proximity to the existing F&B offer and tourist hot-spots. CGIs are an artist’s impression and are for illustrative purposes only. 09 ORFORD HOUSE UPPER FLOORS We believe the upper RESIDENTIAL HOTEL floors are suitable for Quality residential stock in central Due to the building’s location residential, student Norwich is in high demand and we and prominence, Orford House accommodation, hotel believe potential end sales values to provides a fantastic hotel be up to £400 per sq ft depending opportunity of substantial mass. or office use. upon size and configuration of We believe at least 150 beds accommodation. would be possible and this is an opportunity for a brand or STUDENT developer to create Norwich’s ACCOMMODATION OFFICE flagship hotel. There is a lack of supply of student An office scheme from first floor accommodation within central upwards could offer over 60,000 sq Norwich’s high occupancy Norwich (currently 5,765 PBSA ft of quality office accommodation rate of over 80% alongside an bedspaces), creating an exciting with an impressive ground floor average daily rate (ADR) of £110 opportunity to capitalise on the lobby and entrance. The building offers operators a potentially high level of demand. provides significant natural light on attractive RevPAR. all elevations. At least 85% of the 20,000 strong student population require Prevailing Grade A office rents accommodation which has created within Norwich city centre are at a clear shortage. The current rent around £15 per sq ft. per week PBSA bed space is £165. PLANNING DEVELOPMENT VIABILITY We have instructed an initial The premises may be suitable The building is situated within the planning report on the property to be demolished and re-built, city centre Conservation Area. by Nexus Planning which has due to its unlisted status. outlined a number of points We ask that any interested parties for consideration. The full Alternatively, if further space undertake their own due diligence document can be found here: is desired within the existing around the viability of any orfordhousenorwich.com/ structure, additional floors proposed change of planning use downloads could be added. and redevelopment scheme by contacting Norwich City Council. CGIs are an artist’s impression and are for illustrative purposes only. 10 ORFORD HOUSE Further Basis for Information Offers Listed Status The property is not listed. To Let For Sale We are inviting offers for a new We are also inviting offers on EPC lease on the whole of the property an unconditional basis for the Band B. Report available or on a subdivisional basis. freehold interest on the whole upon request. or part of the property, with Lease Terms vacant possession. Business Rates Offers are invited on a new Rateable Value £795,000 Effective FRI basis for a minimum Price UBR (2020/21) 51.2p term of 10 years, subject to 5 Aspirations on pricing are yearly upward only rent reviews. available upon request. Website Access to data on the Rent building is available at Quoting rents are available upon orfordhousenorwich.com request based on specific size requirements. VAT The building has been elected for VAT. Legal Costs Each party to be responsible for their own legal costs. Viewing Viewing to be arranged through the sole agents. Contacts Callum Mortimer Chris Harris Tim Ashe T: 020 7408 0030 T: 020 7408 0030 T: 020 7408 0030 M: 07714145932 M: 07749984637 M: 07570582028 E: [email protected] E: [email protected] E: [email protected] gcw.co.uk Disclaimer - Whilst every effort has been made to ensure accuracy, no responsibility is taken for any error, omission or mis-statement in these particulars which do not constitute an offer or contract.
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