Norwich City Council's acquisition of Anglia Square shopping centre has been recognised for a CoStar Impact Award by a panel of independent local property market experts after being described as a pivotal step in revitalising a key area of the city.
Winning Sale/Acquisition of the Year for East of England, the £6 million purchase from Columbia Threadneedle Investments sets in motion plans to redevelop an underutilised shopping centre into a modern, mixed-use scheme, shifting away from retail.
The redeveloped site will comprise 1,100 homes as well as retail, office and leisure accommodation, having housed dozens of shops across 345,000 square feet. Landscaped gardens and improved cycling links are also planned.
Anglia Square's new owners say they have also ensured the future of the site after previous plans for a £300 million redevelopment by a private developer fell through. Demolition work is expected to being from the second quarter of this year.
About the project:
Those behind the bid described the process of securing funding for the purchase and partial demolition as a "key hurdle". But the council was able to successfully secure funding from Homes England and continues to pursue grants, demonstrating its proactive approach.
The troubled history of the site, which was the subject of abandoned plans by Weston Homes, was another challenge that faced the buyer. But the council's deal, which was achieved under the £8.5 million quoting price, was another demonstration of its ability to overcome difficult circumstances.
The site clinched hybrid planning permission in July 2023 for comprehensive redevelopment, including the new residential units and up to 86,111 square feet) of flexible commercial and non-residential floorspace.
What the judges said:
Katherine Friend, director in the investment and asset management team at Howard Group, said: "Anglia Square has been a blight on Norwich for many years with many failed attempts to redevelop.
"Norwich City Council has pro-actively sought funding from Homes England to purchase and in turn progress demolition and subsequent redevelopment.
"This redevelopment has the potential to catalyse wider regeneration in the area and supply a significant number of homes including affordable if successful."
Greg Dalton, vice-president at Hillwood Investment Properties International, added: "[This is] a significant transaction made with the intention to promote urban regeneration of a redundant brownfield opportunity. One that is suggested to have had many successful development attempts already.
"Having funding to progress the initial works is meaningful and the proposed mixed use development impressive."
They made it happen:
James Barton, department head at Knight Frank; Charlie Hart, partner at Knight Frank; Aimée Pritchard-Davies, partner at Knight Frank, Adrian Peachey, partner at Montagu Evans.