£300m Anglia Square scheme hits the market

Columbia Threadneedle Investments is looking to sell its Anglia Square redevelopment site with planning consent for a £300m GDV scheme. The 11.4-acre site in Norwich is being marketed for offers over £8.5m. It has planning permission for a mixed-use scheme comprising up to 1,100 homes, as well as 86,000 sq ft of flexible commercial space. The site consists of a 34-unit retail mall, former cinema, two office buildings, a multi-storey car park and two nightclubs. Knight Frank, which has been appointed to sell the site, said it generates a current annual rental income of £698,000 and holds significant opportunity for additional income. Planning consent was granted in April 2023 and, as part of the consent, Weston Homes was to take over ownership of the Anglia Square site from Columbia Threadneedle. However, Weston Homes scrapped plans to redevelop the site earlier this year, due to a “multitude of issues” impacting viability and making funding “extremely difficult”.  Charlie Hart, head of development land at Knight Frank, said: “It has been a priority asset for Norwich for over two decades, and despite the well-publicised withdrawal by Weston Homes earlier this year, we are very excited about the prospects for the property looking forward.” “Viability challenges exist across the regional UK for high-density development but we know outstanding mixed-use development is deliverable today, subject of course to identifying the appropriate complimentary mix of uses and density thresholds. “In this instance, Anglia Square has strong income potential from a range of tenant types, as well as ‘easy wins’ for early disposals and development. “This gives an incoming purchaser real optionality on how to address the development outcome, while enjoying income from working the existing buildings and spaces in an entrepreneurial manner.” Image from Knight Frank