Wealth performance management firm, Prydis, has announced that its purchase of House of Fraser’s Exeter city centre building is complete.
The Exeter-based company are now set to move into the construction phase of the 65,000 sq ft redevelopment, which will include high street shops and cafes, a prestigious hotel and a restaurant. A unique benefit is an unobstructed view of Exeter Cathedral from the rooftop bar.
The project, which marks the finalisation of Exeter’s Princesshay development as part of the wider aesthetic and economic redevelopment of the city, is forecasted to produce an investment return in line with Prydis’s recent £9.36 million sale of Senate Court in mid-2019.
Joe Priday, Managing Director of Prydis, commented: “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.”
Such a deal, including complex interactions between multiple owners, exclusivity and planning considerations was only made possible by Prydis’s unique structure – encompassing legal, accountancy and financial planning services.
Priday continues: “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.”
And thanks to this expert management, Historic England – an executive non-departmental public body of the British Government which protects historic sites through listing – supported the council’s decision.
“These types of deals are often mooted but end up falling through because they’re so hard to get over the line,” Priday adds. “But because of our team’s diverse set of skills, we were able to pull it off.”
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, said:
“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.”
Andrew Aust, Director and lead design at multi-discipline architectural practice Expedite, added: “A fast paced development always requires true collaboration with all stakeholders. Positive and early engagement with the Local Planning Authority and Conservation team have shaped these exciting designs. The Expedite team are looking forward to delivering this exciting development and being on site in the Summer.“
The House of Fraser deal represents a continuation of Prydis’s success last year, after the firm advised South West FinTech Seccl in their £10m sale to the Octopus Group.