DTZ INVESTORS SUCCESSFULLY ACHIEVES A RETURN ON INVESTMENT FOLLOWING THE SALE OF HOUSE OF FRASER, EXETER.
DTZ Investors has disposed of the freehold interest in 33-35 High Street and 3-8 Catherine Street, Exeter, having originally acquired the property in November 2017 for £9.15m. The asset was sold to Prydis following planning consent being obtained for a mixed-use hotel-led scheme. Constructed in the 1950s, the property extends to c. 60,000 sq ft and is arranged over basement, ground and three upper floors. The building benefits from the original façades and views onto Exeter Cathedral at the rear.
The property was sold for £9.5m, reflecting a capital value of approximately £160 per sq ft.
CWM acted for DTZ Investors. Lambert Smith Hampton acted for Prydis.