Our year has continued to go from strength to strength with the purchase of the Bristol House on Unthank Rd in Norwich. We acquired the property inline with our growth plan for 'The District', which is a co-living concept for working professionals that comprises fully furnished bedrooms with ensuites, shared kitchen and dining rooms, utility rooms, a gym, movie room and workspace hub.
The proposed redevelopment of the property involves changing the use to sui generis and converting to 30 bedrooms with ensuites, 3 shared kitchen & dining rooms and the facilities listed in the previous paragraph. The rooms will then be rented to young working professionals from a minimum of £650 per month which will include a fair usage allowance for utilities.
Such a concept has yet to be created in Norwich and with the New Anglia Local Enterprise Partnership announcing a £9m infrastructure fund, 88,000 new jobs and 30,000 new businesses are expected to be created leading up to 2036. This means growing the economy by £17.5bn, yet more positive news for property investors in Norfolk and Suffolk.
New jobs tend to bring people and people with jobs tend to buy or rent property hence why our strategy of providing an upmarket co-living space for young working professionals that are new to the area will cater for the expected accommodation demand.
CAM Architects has been appointed to design the proposed plans with construction expected to commence within 3 months once planning permission has been granted.
Thanks for reading,
The Estateducation Team.