Background
9–73 St Stephens Street forms a prominent retail block with frontages onto St Stephens Street, Queens Road and Surrey Street. The scheme is anchored by a mix of well-known national occupiers, including Sainsbury’s, Greggs and Specsavers, complemented by a small block of office accommodation on Surrey Street.
The location sits at the heart of Norwich city centre, with Chantry Place Shopping Centre opposite, ensuring strong footfall and connectivity to the city’s wider retail and leisure offer.
The Challenge
We were instructed on two adjoining retail units on St Stephens Street, Norwich – 43–45 and 39–41 – directly opposite Chantry Place Shopping Centre.
Both occupied strong positions on one of the city’s busiest thoroughfares, but came with different challenges:
- 43–45 St Stephens Street totalled 8,863 sq ft over ground and first floors. With the majority of space at first floor level, there was limited demand from occupiers willing to take the unit in its entirety at the quoting rent of £80,000 pax.
- 39–41 St Stephens Street was a ground floor-only unit let on a flexible lease at £50,000 pax, under-rented compared with the pitch and with scope to improve value.
Our Approach
At 43–45, we pivoted our strategy away from a single lease arrangement, opting instead to focus solely on ground-floor occupation and to split the space among multiple operators. This targeted campaign generated strong interest from national brands, culminating in lettings to German Doner Kebab (GDK) and Merkur Slots. This achieved the full quoting rent of £80,000 pax from the ground floor alone, while leaving the first floor available for alternative future use.
Encouraged by the strength of demand, we applied the same approach to 39–41. By engaging with occupiers who had shown interest in 43–45, we were able to agree deals with Pepe’s Piri Piri and Chaiiwala. This delivered a rental uplift of over £30,000 per annum, taking income above £80,000 pax and setting a new rental tone for the block.
The Result
Our strategy redefined the performance of both properties:
- Four national operators secured (GDK, Merkur Slots, Pepe’s Piri Piri, Chaiiwala)
- £80,000 pax achieved at 43–45 from ground floor lettings only
- £30,000+ uplift at 39–41, increasing rent from £50,000 to above £80,000 pax
- Setting a new rental tone across the block, establishing St Stephens Street as a strong F&B and leisure destination
By aligning the marketing strategy with occupier demand, we maximised income for the landlord and created a vibrant cluster of operators in a key city centre location.
