£8m property pool across Norfolk and Suffolk towns for sale


A large investment portfolio of commercial and residential property across five towns in Norfolk and Suffolk has hit the market – with a price tag of more than £7.85m for the lot.

The Iceni Portfolio is made up of freehold buildings in March, Wisbech, Downham Market, Thetford and Mildenhall.

A mixed retail and residential property at Mildenhall which forms part of the £7.85m Iceni Portfolio sale

– Credit: Cheffins

The sale includes 75 homes and 13 shops. Within the range of period properties and purpose-built mixed schemes are 69 flats, and two houses in multiple occupation (HMOs). Tenants for the retail units include Ladbrokes, Norfolk Deaf Association, Wisbech Market and Savers Health & Beauty.

Philip Woolner, joint managing partner at agents Cheffins, said the seller was a “major local property company”, and prospective buyers included private individuals and smaller property companies — as interest in the commercial property sector rises in the aftermath of the pandemic.

An “attractive” gross yield of 7.87% means the sale is likely to draw interest from both corporate and private investors, he said.

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The portfolio is currently 95% let, and produces a gross rent of £617,650.

Church View, the property at Wisbech — which is being offered freehold with a price tag of around £3.3m — includes 36 flats and three shops.

“Investment into the commercial sector from private individuals and smaller property companies has increased throughout 2021 as many look for alternative income streams and to safeguard against future economic fluctuations following the fall-out of the Covid-19 pandemic,” said Mr Woolner. 

“As stock markets continue to fluctuate and with much uncertainty around inflation growth, those with spare cash in the bank are consistently turning towards bricks and mortar solutions.  

“With this in mind, we forecast the Iceni Portfolio to be of interest to both corporate and private investors, both of which are currently active in the market.”

Cheffins said it currently has more than £21m worth of investment property in the market or under offer encompassing a range of property types across the East Anglian region.

“There is a very real opportunity now for investors to reap the rewards of capital and rental growth, as we forecast that this market will continue to grow during 2021 and 2022 as the regional economy bounces back,” said Mr Woolner.

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