MERIDIAN PARK OFFICE DEAL INDICATIVE OF ROBUST DEMAND FOR OFFICE BUILDINGS, SAYS COMMERCIAL PROPERTY EXPERT

The second lockdown and the ongoing Covid pandemic does not appear to be dampening down demand for quality offices, according to a leading commercial property expert in the county, after his firm closed a £695,000 deal for the sale of a high specification office building on Meridian Business Park.

Guy Gowing, managing partner of Arnolds Keys, said that demand for both freehold offices in particular was holding up well, despite more people working from home because of coronavirus restrictions.

His comments come after the firm handled the sale of 11 Meridian Business Park, a high specification 3,049 sq ft office building, for £695,000.  Formerly the headquarters of the Norfolk FA, the offices have been sold to Timewell Properties for use as offices by Blue Sky Leisure.

“This deal, for the asking price, shows that there is still strong demand for good quality offices in the city,” said Mr Gowing. 

“In the short-term there is a need for enough space for those who are not working from home to socially distance within offices.  In the longer-term, with news of a vaccine giving the prospect of an end to Covid restrictions in 2021, we will see offices continuing to play an important role, albeit that they might be used in a slightly different way.

“Investors are now starting to look beyond the current crisis and consider what kind of office buildings will be in demand once life gets back to normal.  It is clear that Grade A office space in prime locations with good access will remain a good investment, and that is reflected in a strong market for freehold office buildings.”