Joseph King Holdings sell Government let Norwich offices to funds managed by Equitix Investment Management Limited

28 September 2022

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Joseph King Holdings Limited, acting on behalf of Joseph King Properties Limited (the “Vendor”), has completed the sale of the freehold interest in Rosebery Court, St Andrews Business Park, Norwich (the “Property”) to funds managed by Equitix Investment Management Limited (“Equitix” or the “Purchaser”).

Rosebery Court is located at the heart of St Andrews Business Park, Norwich and provides 68,300 sq ft of modern office accommodation over three floors, together with 306 car parking spaces.

The principal tenant is The Secretary of State for Housing, Communities and Local Government who occupy the ground and second floors of the property under a 10-year lease due to expire in June 2029. The current leases in respect of the property benefit from a WAULT of 7.2 years to expiries and 3.2 years to breaks.

The vendor was represented by MP Real Estate and the purchaser by Cooke & Arkwright.  

Cardiff Waterside is a significant property holding for Aviva Investors at almost 500,000 sq ft. Our experiences show the benefit of working with a regional specialist where occupational markets can be unlocked with a good team with excellent local contacts. Ben Bolton and his team have done this for us for many years and been fundamental to our success and a very low void rate in Cardiff.

Matthew Leach, Arriva Capital Waterside