News

Exeter offices sold in off-market deal

Acting on behalf of private clients, Stratton Creber Commercial have sold a modern office building on Exeter’s Matford Park.

Unit 2, Palatine House is a semi-detached office providing 3,560 square feet over two floors. It was built around 18 years ago by Rockeagle and forms part of the Matford Park estate, where development continues to expand the business park to this day. Palatine House is one of five office buildings clustered on Sigford Road with distinctive curved roofs, where other occupiers include Jelf, Guide Dogs for the Blind and u-Check.

The property was fitted out as offices on the first floor with laboratory space on the ground floor, and had most recently been occupied by geotechnical consultancy CGL, who have moved to the adjoining property.

The freehold of Unit 2 Palatine House was not openly marketed, but the agents for the vendors, Stratton Creber Commercial, identified a purchaser and an off-market transaction was agreed off an asking price of £600,000. The purchasers are a growing tech company, and plan to carry out modifications to the building ready for full occupation later in the year.

Jonathan Ling of Stratton Creber Commercial, who brokered the deal, says, “Very few freehold offices have come to market in Exeter in the last couple of years, and demand is such that agents with sound knowledge of the local market are frequently able to achieve quick sales at strong prices without open marketing. In this case, the buyer was knowledgeable and proactive, and their offer was unconditional and deliverable, and  we were therefore able to advise our client that a better result could not be expected from an open market campaign. The sale proceeded in a smooth timely manner to the credit of all involved.”

Companies or individuals who are considering the sale of commercial properties, and who wish to explore a discreet and prompt off-market sale, are asked to contact Jonathan on 01392 202203 / jonathan@sccexeter.co.uk