Wealth and performance management firm Prydis has announced that its purchase of House of Fraser’s Exeter city centre building is finalised.
The Exeter-based firm will now move into the construction phase of the 65,000 sq ft redevelopment, which will include high street shops and cafes, an esteemed hotel and a restaurant.
The project, which marks the finalisation of Exeter’s Princesshay development as part of the wider aesthetic and economic redevelopment of the city, is predicted to return around £2 million to investors – a figure comparable to the result of Prydis’ £9.36 million sale of Senate Court last year.
Joe Priday, managing director of Prydis, comments: “Exeter has a rich culture which we wanted to highlight and help revitalise. The redevelopment has been thought out to make the most of the beauty of the nearby cathedral, the city centre and all it has to offer.”
The deal, which includes interactions between multiple owners, was made possible by Prydis’ unique structure – encompassing accountancy, legal and financial planning services.
Priday adds: “A particularly complex component of this transaction was Exeter Cathedral’s listed status and historic reputation, meaning that any proposal had to be watertight and clearly enhance the existing infrastructure. Managing and overcoming all of the sensitivities that this entails requires an internal network of professionals, all pulling in the same direction.”
Historic England – an executive non-departmental public body of the British Government which protects historic sites through listing – supported the council’s decision.
National real estate consultancy, Lambert Smith Hampton (LSH), advised Prydis on the deal via its London and Exeter offices. Hollie Ruddle, associate director of Capital Markets at LSH, adds: “Working hand in glove with Prydis, we advised on the complex multiple ownership structure and are delighted to see this go through to completion.”
“This is just the start, as we are instructed to let the retail/leisure components of the development and we’ve already found an operator for the onsite hotel. We’re all looking forward to seeing this exciting project in the heart of Exeter flourish.”
The House of Fraser deal follows Prydis advising South West FinTech Seccl in their £10 million sale to the Octopus Group.
This comes at a time when Exeter’s city centre is undergoing a £300 million redevelopment, including luxury and budget hotels, restaurants and bars, residential accommodation, office space and the relocation of the Civic Centre into a brand new Public Sector Hub.
There are also plans for a sustainable housing development to be built in Pinhoe, including 40 new zero carbon smart home. However, a decision has been deferred due to concerns about a lack of affordable housing.