Exeter letting achieves above asking rent after competitive bidding

We were appointed in late 2016 by Exeter City Council to market a building near Exeter’s Marsh Barton estate which was built in the 1970s for the outgoing occupier, Devon Federation of Young Farmers’ Institutes. The property is a detached hall with offices, set on its own site with parking.

After strong interest was shown in the first week of marketing, bids were invited from the interested parties, including a young persons’ charity, a dance school, a gym and a baby activity operator. The result was that terms were agreed with a dance school at a rent in excess of the asking rent.

The marketing of this property, and others subsequently, has highlighted the shortage of available properties in Exeter for uses which do not fall into the categories of office, shop or warehouse. Medical, therapy, community, charity and leisure operators are particularly actively searching for suitable properties. Another property we have been marketing is now under offer following competitive bidding by prospective tenants at above the asking rent, which was 50% higher than the rent currently being paid by the outgoing tenant.

“Quirky” properties, with prominence, good parking or character, are particularly sought.

For details contact Jonathan Ling.