A monumental task awaits the new buyer of Anglia Square one of the city’s leading commercial property specialists said.

Guy Gowing, senior partner at Arnold's Keys, stated that "a massive investment" will be needed from any prospective buyer after the site's maligned redevelopment history.

He said any potential buyer will need deep pockets to redevelop the area which has been marred by multiple broken promises of its rejuvenation.

Anglia Square recently hit the market for £8.5mAnglia Square recently hit the market for £8.5m (Image: Newsquest)

Mr Gowing said: "Whoever snaps it up will have a complex project on its hands.

"£8.5m doesn't look hugely expensive on the face of it, but it's not without its problems.

"The price would be dwarfed by the investment needed to get anything off the ground - they will need deep pockets.

"It's a tired area that's largely had its day and a major redevelopment is overdue.

Guy Gowing, senior partner for Arnold's Keys, said whoever snaps it up will have a complex project on its handsGuy Gowing, senior partner for Arnold's Keys, said whoever snaps it up will have a complex project on its hands (Image: Newsquest)

"For the last 30 years companies have tried to refurbish it but it's slowly been deteriorating.

"The shenanigans around getting the planning consent for the past plans were far too long and drawn out - it killed off Weston Homes' viability to get things sorted.

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"It's a good site and Norwich attracts development but it will require a massive investment to get anything going."

It was recently revealed Norwich City Council were understood to be looking buy the site after backing from Clive LewisIt was recently revealed Norwich City Council were understood to be looking buy the site after backing from Clive Lewis (Image: Newsquest)

Yesterday it was revealed Norwich City Council were understood to be looking to buy the site after backing from Clive Lewis.

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Labour’s parliamentary candidate for Norwich South said he was "backing the city council's attempts to raise funds to buy the Anglia Square site".

It comes amid the 11.4-acre site hit the market after Weston Homes' £300m project to revamp the area was scrapped in February.

They secured planning permission last spring to transform the 1960s built centre, with new shops, offices and up to 1,100 homes.

However the company cited a "multitude of issues" for cancelling the project, such as having to make a £7.5m write-off on the scheme, due to the costs spent on the design, redesign and community consultation.

Previous owners, Weston Homes, said there were multitude of issues for cancelling its £300m project in FebruaryPrevious owners, Weston Homes, said there were multitude of issues for cancelling its £300m project in February (Image: Newsquest)