An unwanted tower block in Norwich has finally been rescued by Soho Estates and FW Properties, who are planning a joint venture to redevelop the neglected property.
Westlegate Tower is an 11-storey building which was previously used as an office block. It was originally built in the 1960s and was one of the first ever skyscrapers in the city. However, since the building has been empty for so many years, it is not yet clear if extensive redevelopment work will be carried out, or if the building will be demolished to make way for a new exciting commercial property.
Ian Fox, FW Properties Director stated, “We are confident that with the help of our various stakeholders, coupled with our own skill and enthusiasm for the project, we will be delivering real change for this part of the city.” It is unclear what commercial properties the developers have in mind, however it is believed the scheme is planning on bringing new shopping opportunities to the area, as Ian Fox indicated, “We hope to give the city centre something to be proud of. We are not intending the building to be used for offices.”
The development is good news for the commercial industry as earlier this month, The Royal Institution of Chartered Surveyors (Rics) reported that there is still plenty of demand for commercial properties. With demand high, many companies and organisations will fight for the best spots that attract the most visitors, thus increasing rates and rents on the properties which landlords and property developers alike will support.
Soho Estates and FW Properties saw the opportunity to snap up this £1 million development as recently Rics had reported, “Demand to take up space is growing in the South East, particularly for the retail sector.” With this is mind, will more developers seize opportunities like this?
