Buyer demand for Norfolk convenience retail assets on the rise, reports Christie & Co
Specialist business property adviser, Christie & Co is pleased to report Norfolk’s convenience retail market has experienced a surge in buyer demand and sales in 2023.
Petrol filling stations and convenience stores that came to market attracted an average of 16 viewings and 20 offers. On average, sites achieved 107% of asking price.
Much of the demand has been for village or “off the high street” stores within the county. According to the firm, the increased buyer appetite is likely being driven by:
- The area’s affordability, with business rates, rent, wages and other associated expenses typically being less in Norfolk than in other major cities
- Less corporate and local competition in comparison to high street stores
- Increased investment from property developers who are seeking to capitalise on the county’s availability of land and growing population
Christie & Co notes enquiries for both freeholds and leasehold stores in Norfolk remain high, indicating buyer appetite and demand levels will continue into 2024.
Recent sales in Norfolk include:
Located in a busy residential area on the outskirts of Norwich, this convenience store was in the same family for over 60 years before it was sold to experienced operators, Mr and Mrs Tamada.
Dickleburgh Premier Store & Post Office
Located on the main road through Dickleburgh, the award-winning store was purchased by experienced retail operators, Anthony and Jenny Benedict of AJ Food Stores Ltd following the previous owner’s retirement.
In the same transaction as above, Kenninghall Premier Store was also acquired AJ Food Stores, marking the two latest additions to their growing portfolio. Based in Kenninghall, on the outskirts of Norwich, the store was named “Off License of the Year” at the 2019 Convenience Retail Awards.
Situated in the village of Hopton, this popular community store was purchased by first-time buyers, Mr and Mrs Keshwala, who had previous experience in the retail sector. The store had 37 viewings, and received 31 bids, demonstrating the high demand for freehold stores.
Situated on the main road through the market town of Watton, the long-standing petrol service station was sold for the first time in 46 years to an experienced local operator following the previous owner’s retirement.
Lewis Last, Senior Business Agent at Christie & Co comments, "These recent completions are prime examples of the high demand we’re currently seeing in the Norfolk area, particularly for “off the high street” stores. With new buyers registering for further opportunities for both freeholds and leaseholds in Norfolk, we expect demand levels to remain high into 2024."
For further information on this press release, contact:
Bronte Hughes, Corporate Communications Manager
P: 020 7227 0794 or E: bronte.hughes@christie.com
Contact the agent:
Lewis Last, Senior Business Agent – Retail
P: +44 7526 175 851 or E: lewis.last@christie.com
Visit Christie & Co’s Business Search page to find out more about current listings.
