Norwich's Castle Quarter shopping centre on sale for £23.5m

Estate agent Savills is seeking offers in excess of £23.55m for the city shopping and leisure centre.

Castle Quarter, which spans more than 385,000 sq. ft across five levels, generates a net operating income of £2.5m a year.

The site has 75 retail and leisure outlets, anchored by major tenants such as TK Maxx, Vue Cinema and Boots. 

Savills is marketing the opportunity to acquire the freehold interest in Castle Quarter (Image: Savills) Toby Ogilvie Smals, director in retail investment at Savills, said: “The offering of Castle Quarter comes at an opportune moment in the UK retail investment market.

"Following a resurgence in confidence, investment volumes are recovering, with a notable desire to capitalise on record-high yields.

"Castle Quarter, with its prime location and secure income, aligns well with this trend, offering investors a rare opportunity to acquire a high-quality asset as yields harden in anticipation of future interest rate cuts.”

The centre has 791 parking spaces spread over three levels, which contribute 42pc of its gross income and generate £1.5m in net operating income.