A landmark building in Guildhall Hill, Norwich has been acquired by a developer renowned for its regeneration work in city and town centres across the UK.
The long-vacant city centre site opposite Norwich Market and the Guildhall, was previously home to Tesco Metro. It has now been sold to Nottingham-based developer ALB Group for an undisclosed sum.
Arran Bailey, managing director at ALB Group, said: “This building is in a prime position and deserves to be reinvigorated and renovated ready for the next chapter in its history.”
ALB Group has gained a reputation for rejuvenating city and town centre locations through investment.
Arran said: “Our vision for this building’s refurbishment will ensure the site is returned to usable space that will once again benefit the community, bring jobs to the area, and reinvigorate this busy thoroughfare.”
Plans are now being drawn up to establish the best way to bring the 42,987 sq. ft building back to life.
Arran said: “An empty building in such a prominent location can have a negative impact on its surroundings and the general atmosphere of an area.
“For some years, it has been our mission to breathe new life into city centre buildings, streets, and shopping centres. Our work across the country is proving a tremendous success in turning around the fortunes of once vibrant retail areas in locations such as Ipswich, Nottingham, Wolverhampton, and Chesterfield to name a few.
“This building is in a prime position within a busy thoroughfare. It is a fine example of unutilised space that merits investment and, in turn, will help bring the soul back into another of our historic cities. Its refurbishment will have a massively positive impact.”
The building is now home to Strangers Coffee, the NO12 barber shop, state of disarray and Ten Eighty.
This latest acquisition follows ALB Group’s purchase last month of the former Co-op department store in St Stephens Street, Norwich city centre. The building most recently housed Poundland and Wilko.
Tim Lloyd, director at commercial property agents, Cited, said: “ALB Group’s vision for the future of building’s is commendable. Adapting buildings to mirror the needs of the consumer is key.”
With the future of 5 Guildhall Hill now secure, once planning has been approved, Arran anticipates work on the building will commence immediately with completion 18 months later.
