Westlegate tower purchased in bold new venture by FW Properties and Soho Estates LTD
02 Apr 2013
Westlegate Tower, one of the most high profile buildings in Norwich city centre, has been purchased by FW Properties in a joint venture with Soho Estates, sparking renewed hope for its future use.
Located in a prime position in the centre of Norwich, between John Lewis and Marks and Spencer, and in close proximity to one of the principal entrances to Castle Mall Shopping Centre, the 11-storey Westlegate Tower has long been a topic of debate about what the future may hold for this local landmark.
However, with the acquisition of the property by FW Properties and Soho Estates through its joint venture vehicle, Westlegate Developments Limited, it gives a positive indication of a change to the building imminently.
The building is being purchased from F&C Reit and comprises the main tower and retail unit at 14-18 Westlegate, the thatched cottage at 20 Westlegate and the surface car park fronting on Timber Hill. The office tower has remained vacant for the past 12 years and has effectively been mothballed.
Westlegate Tower is the first acquisition made by Norwich-based FW Properties, since establishing their business in March of this year by former Targetfollow directors Ian Fox and Julian Wells.
Speaking about the development, Ian Fox of FW Properties said: “It is not an easy environment to carry out any type of development at the moment but we are confident that with the help of our various stakeholders, coupled with our own skill and enthusiasm for the project, we will be delivering real change for this part of the City.”
“We are delighted to be in a joint venture with Soho Estates, who are ideal partners for projects of this magnitude.”
Phil Thompson, Director of Soho Estates commented: “We are attracted by the proposition of investing in Norwich, and playing a hand in the future development of the Westlegate site. This is the first time we have ventured outside of London and we have been extremely impressed with the vision and professional approach taken by Ian and Julian. We are delighted to be backing them and expanding our own business interests with this exciting venture.”
Plans for the development of Westlegate Tower are still in the early stages, with several options currently under consideration. Further details will be released in due course.