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Octopus Real Estate funds acquisition of House of Fraser building in Exeter The South West


partnership with design construction consultancy Expedite, Prydis hope to begin development in the summer of 2020.


Following the loss of The Royal Clarence Hotel to a fire in 2016, Exeter has lacked a luxury city centre hotel, so the consented scheme is well placed to fill the gap in the market. It will also help invigorate the city’s High Street with the provision of several well sized retail units in its prime location.


The loan takes Octopus Real Estate’s recent lending on hotel-consented assets to over £200 million and also highlights Octopus Real Estate’s appetite to support investors acquiring well located retail units with active asset management potential.


Octopus Real Estate, part of the Octopus Group and a leading UK specialist real estate lender and investor, has provided an £8 million loan to Prydis, in support of their acquisition of the former House of Fraser store on Exeter High Street.


Having secured exclusivity for the acquisition from DTZ IM, the Prydis team have been granted planning consent to comprehensively refurbish and extend the vacant 65,000 sq ft department store. Prydis intend to deliver a mixed-use scheme with retail units at ground floor, and a luxury hotel and restaurant above.


The building’s extension will also provide a premier rooftop bar and terrace, overlooking Exeter Cathedral and the city skyline. In


News in Brief


Alltmore Commercial Property Fund offers professional and institutional investors unique investment opportunity


‹ Minimum of £500,000 investment committed for minimum of 5 years


‹ Immediate access to an established proven portfolio with no ‘cash drag’


‹ Secure haven and access to ‘uncorrelated’ investment (helpful given current market uncertainties)


The Alltmore Commercial Property Fund has been launched this month offering institutional investors as well as high net worth and sophisticated individual investors, an opportunity to invest in high quality secondary office pavilions and business parks around Scotland, expanding UK-wide from next year.


The Alltmore Commercial Property Fund has a minimum investment amount of £500,000 per investor, with additional tranches of a minimum of £100,000 possible. The Fund launches with a seed portfolio of seven high quality office pavilions located mainly in the Central Belt of Scotland. Therefore, new investors in this fund will be able to access returns immediately. These properties


COMMERCIAL PROPERTY MONTHLY 2020


have consistently delivered a 7.5 to 8.5 per cent return per annum for more than 10 years whilst in the ownership of the current chairman of Alltmore. For more information please go to alltmore.co.uk


Most commercial property landlords have insurance over their building so, if any damage should occur, insurance covers the cost of repair or replacement. However, if damage is caused by an uninsured risk the question is - who should foot the bill?


At Bowcock and Pursaill, Commercial Property Specialist Joy Hancock advises both landlords and tenants to ensure that uninsured risks are clearly addressed at the start of the lease.


Select Interiors continues to build a portfolio of work along Lake Windermere with the announcement of three new contract wins. The design and fit out company has just completed the space planning and design for Lake District Estate’s Lakeside Café and has since been awarded a further two design projects for the lettings and attractions company’s facilities at Dalegarth and Ravenglass stations, which sit on the historic Ravenglass and Eskdale railway line.


Attic Self Storage wins the Feefo Platinum Trusted Service award, an independent seal of excellence that recognises businesses for consistently delivering exceptional experiences over several years, as rated by real customers.


Attic Self Storage offers consumers and businesses a range of convenient self- storage options with 24-hour, 7 days a week access within a safe, secure and welcoming environment. As part of its business growth strategy, Attic Self Storage has also appointed Cherish PR as its PR partner.


The Haverhill Retail Park, developed by leading regional property developers and investors Howard Group, has been sold to Barsham Securities Ltd, a Beccles- based private property development and investment company.


Offering in excess of 27,000 sq ft of high- quality retail accommodation with large landscaped parking areas, the park is fully let to leading national brand operators Pets at Home, Home Bargains and Pure Gym; offering a sound long-term investment for the new owners.


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Dominic Gibson, Investment Director, Octopus Real Estate, commented: “This is an extremely well-located asset in the heart of an important regional city. Prydis is a capable borrower with experience in wealth management and a strong track record of delivering successful investments and developments. We are well known supporters of regional real estate investment and have a strong appetite to fund capable borrowers investing in assets of this nature.”


Nick Cross, Director, Prydis, said: “This is an important asset in the heart of Exeter city centre. We have put together a sympathetic and relevant redevelopment of the property which will make the most of all this historic city has to offer. Octopus Real Estate was swift to understand exactly what we were seeking to deliver and structured a flexible and competitive loan facility that will enable us to maximise the potential of this investment.”


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