Acting on behalf of Rollings Investments Ltd, our investment agency team has recently sold 228 High Street Exeter, a mixed retail and office investment.
The three storey 7,646 sq ft property, which is located at the junction of the High Street and Gandy Street, was sold for £1.65million to Cooper Estates.
Located opposite House of Fraser and midway between the Princesshay and Guildhall Shopping Centres in the prime retail destination with a number of national and independent retailers located nearby.
The property comprises a retail unit on the ground floor with offices on the first and second floors and is let to the Co-operative Bank. The tenants are not currently in occupation and the lease expires in March 2019 which provides an excellent opportunity for redevelopment for offices or residential development of the upper floors.
David Ferris, partner in our capital markets team commented, “Following a long-standing relationship with Rollings Investments we are pleased to have completed the sale of this city centre investment on their behalf.
“The demand for retail space in the prime section of Exeter High Street, between the 530,000 sq ft Princesshay Shopping Centre and the Guildhall Shopping Centre remains strong in spite of the travails of the retail sector in 2018 and the sale provides Cooper Estates with a number of asset management opportunities.”
The purchasers were represented by AHBN.