Norwich flats: Site worth £2.5m for sale for £800k
12:15 PM June 11, 2022
A former commercial property which already has permission in place to be transformed into high-end apartments is up for sale.
The property – on the market for £800,000 – in NR1 already has the green light to be converted into 13 flats worth £2.5m.
As a result Jamie Duffield, the sales manager at agents AbboxFox, said it is a “fantastic opportunity”.
Clarence House, on the corner of Lower Clarence Road and Clarence Road, is a seven-minute walk from Norwich station.
Mr Duffield explained: “It’s got planning permission to be 13 residential units so we would expect it to be sold as such.
“The individual units themselves are going to be in very high demand.
“The plans that have gone through are for high-end apartments, which are very popular at the moment in Norwich.”
He added that the market price is “quite conservative” based on its potential development value – especially with space for parking.
“It’s not a large project compared to what we’ve dealt with before,” he said.
“But it’s very attractive for developers and there’s also the opportunity for them to retain some units for themselves as well and begin a portfolio.
“You couldn’t possibly be closer to the train station and it’s a stone’s throw from all of Norwich’s amenities.
“We’re finding that the drag through Norwich towards the train station, like Prince of Wales Road, is now being lined with apartment blocks rather than with offices or clubs,” he added.
“Even though properties the other side of Riverside are only a 10 or 15-minute walk further away, the convenience of this property with having everything right on your doorstep is a massive selling point.
“They can walk two minutes to the shops, clubs, bars and restaurants and stagger home at whatever time you like. It’s certainly very appealing.
“It ticks all the boxes.
“It’s also a visually attractive building as well, which is appealing for those who would not want to live in a converted office block.
“It has a grand design that is a bit more homely looking. It has a feel of an old manor house rather than your typical apartment.
“You’re more used to seeing something like this in rural Norfolk than in the city,” he continued.
Lower Clarence Road, Norwich
Guide price: £800,000
AbbotFox, 01603 660 000