Exeter-headquartered wealth performance management firm, Prydis, has announced the sale of the 33,362 sq ft Senate Court office building for £9.36m, returning £2m to investors in the process.
Situated in the heart of Exeter City Centre’s Business District, Senate Court is a prime detached four-storey Grade A office building, with tenants including Foot Anstey, The Insolvency Service and Prydis themselves. Commercial property agent, Lambert Smith Hampton (LSH), advised Prydis on the sale.
The services Prydis delivered for the initial investment and the end sale spanned wealth management, bank fundraising, legal and accountancy expertise to the property’s everyday operational management. Prydis’s rare approach of managing both the investment and the initial purchase entirely in-house has allowed the firm to work efficiently, keeping costs down, delays to a minimum, and increasing returns for its clients and the business itself.
Prydis originally bought the building in April 2017 as an investment for members of its Precedence Club – an initiative exclusively for Prydis’s high net worth and sophisticated investor clients. Following this, Prydis secured planning permission to add an additional floor and, with advice from LSH, asset managed the leasehold interests to increase the capital value.
Joe Priday, Managing Director at Prydis, commented, “Exeter is a fast-growing city with a strong university, which continues to attract more and more new residents and businesses to the area. This transaction is brilliant news for our investors and for the local economy, delivering a win-win deal for all parties.”
James Priday, Managing Director at Prydis Wealth, added, “This asset is now in a fantastic position for the new owner and presents a strong and reliable income generator for them. We congratulate them on what is a wonderful portfolio purchase. For us, this simply presented the best time to exit, as we had always envisaged this as a three-year project. We are now in the fortunate position of having achieved a 26% return on our Precedence Club investors’ original investment in just 26 months; exactly what we’d forecast, but 10 months earlier than planned, so a great result all round.”
Thanks to Prydis’s seamless in-house approach and thorough due diligence, the purchaser has asked the firm to stay on in an asset management capacity. Prydis remains a tenant of the new owner.
Hollie Ruddle, Associate Director at LSH, commented “Despite continued uncertainty in the property market, we were approached by the purchaser prior to launching the investment in the open market. This is testament to both the strength of the Exeter office market and the quality of the investment Prydis has managed during its ownership. Prydis’ in-house approach to property enabled a smooth and timely transaction for its investors.”