Investment acquisition of Queens House, Exeter
November 21, 2016
On behalf of a private client, Coffer Corporate Leisure has completed the acquisition of 92 Queen Street, a prime mixed-use leisure, retail and office investment in Exeter City Centre. The Grade II Listed property, arranged as a restaurant (Bella Italia) and retail unit over ground floor, late night bar over basement and four floors of offices above, was purchased for £3.55 million reflecting an attractive Net Initial Yield of 6.75%.
Jack Silvani, Associate Director, Coffer Corporate said "Outside of London strong property fundamentals are crucial. Properties in strong trading locations in quality cities are extremely defensible and provide a steady income with good scope for rental growth in the future.
Over the past decade Exeter has benefitted from huge infrastructure improvements which has seen a wealth of fashionable leisure operators open in the city. Queen Street in particular has benefitted from this, with a swathe of new operators due to open in the Guildhall scheme opposite including Turtle Bay, The Stable (Fullers) and Gourmet Burger Kitchen."
Coffer Corporate Leisure advised the Purchaser, a private client. The Vendor, Valad Europe, was advised by CBRE Bristol.