We have just let a small but prominent commercial building in the St Leonards area of Exeter after a flurry of interest from the first day of marketing.
85 Barrack Road, also known as The Old Stables, was formerly occupied by a childcare provider for many years, and will be a familiar sight to most Exeter residents, being close to the busy junction of Magdalen Road and Barrack Road, near the R&E Hospital. We were instructed to market earlier this year, and despite seeking a rent well in excess of the outgoing tenant’s rent, we received extremely strong interest from the outset.
Following a single afternoon of back-to-back viewings, we received three offers and proceeded with one of these. We received continued strong interest in the property while it was under offer, from various sectors including health, legal, recruitment, domiciliary care and dental businesses.
The property was let back-to-back with the end of the previous lease, at a rent of £12,000 per annum. The new tenant will operate as an osteopathy clinic upon completion of works.
Our client confessed that he was “amazed” at the level of interest in the property and the rental uplift generated.
In the same week that this deal completed, we were instructed on another prominent office in the area, and terms were agreed for its sale the same week. Prominent and unusual buildings are currently in huge demand in the city – similar required!