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New owners set to put tenants at heart of future plans for major Norfolk industrial estate

Norfolk County Council, 18 August 2022 00:00

In a deal worth £35.7m, Dove Real Estate, a joint venture between Paloma Capital and Partners Group, a leading global private markets firm, acting on behalf of its clients, have bought the Norwich Airport Industrial Estate. The site, just to the south of Norwich International Airport, had been jointly owned by Norfolk County Council and Norwich City Council since 1967.

Both councils agreed to sell the 48-acre site on the open market last year. A large number of bidders came forward, with the winning bid due to deliver a cash boost for taxpayers and secure future investment in the site.

Councillor Greg Peck, Cabinet Member for Commercial Services and Asset Management at Norfolk County Council, said:

"This is a good deal for Norfolk. The sale will secure investment in this important site as the new buyers are in a position to take forward plans that will strengthen economic growth, job opportunities and deliver a sustainable future for existing and new businesses."

Councillor Alan Waters, Leader of Norwich City Council, said:

"The airport industrial estate is an important asset in Norwich and we're extremely pleased that the sale to a successful developer will secure its future and attract new inward investment to the city.

"The income from the sale has generated a substantial capital receipt to the council which will assist in delivery of the medium-term financial strategy."

Reports commissioned jointly by both councils, prior to the decision being made to offer the site on the open market, indicated a clear opportunity to grow business activity, jobs and income from the site. They also concluded that this would require significant capital investment and external commercial expertise.

Jake Harris, Investment Director at Paloma Capital, said:

'We are delighted to have completed our purchase of Norwich Airport Industrial Estate. We plan to invest immediately in improvements to the physical environment, but our most important short-term objective is to make contact with our new tenants and work with them to unlock the potential of their units and the wider estate. We welcome any approaches and ideas that our tenants have for improvements to existing buildings and underutilised land. This estate is major regional commercial hub and we feel there is significant scope for economic development and intensification of use."

Catton Grove County Councillor Steve Morphew said:

"It's sad to see the sale and I would have preferred to have kept it In council ownership but I understand why. I hope the county council invests in Catton Grove from its share of the proceeds, as it's long overdue. I look forward to meeting the new owners and working with them to build jobs and prosperity for local residents."

Councillor Morphew's contact details are available online.  (opens new window)

Last modified: 14 May 2024 12:43

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