Dean Clarke House 1 Southernhay Gdns 4,250 SF 100% Leased Office Building Exeter EX1 1SG $1,314,666 ($309.33/SF) 7.16% Cap Rate

We are instructed to seek offers with a guide of £985,000 + VAT for the long leasehold interest which reflects an initial yield of 7.16% after allowance for purchaser’s costs of 6.69%. This equates to a capital value of £232 psf. The freehold may also be available which includes a number of ground rents. For further details contact the agents.
Designed and built by North Devon born architect John Richards in the 18th Century, Dean Clarke House began life as a city hospital. The building was both the brain child and namesake of Dr A Clark, Dean of Exeter in 1874, who sadly did not live to see the building completed. Constructed in two stages, the central and southern wings were built first, with the Northern wing adding balance to the building nearly six years later. It acquired ‘Royal status’ in 1899, following a visit from the Duke and Duchess of York, and was newly named the Royal Devon and Exeter Hospital.
Sadly the building was eventually abandoned and had become dilapidated – until Burrington Estates purchased it in December 2012. They began extensive renovations that took over 3 years to complete and restored the building to its former glory. Today, this prominent Grade II* Georgian property has been transformed into luxurious residential and business accommodation, the latter of which has now come to market, offering a prime investment opportunity in a historic property within this prominent location.
Dean Clarke House is situated in an exclusive position in Southernhay, Exeter’s prominent office district. The property offers the best of both worlds, sat within walking distance of both the bustling city centre and the busy and popular Exeter quay. A number of car parks and hotels nearby offer optimum convenience for those travelling from outside the city. The property is just a 5 minute walk from eateries, shopping, and leisure amenities. St Sidwell’s Point is just 10 minutes walk, offering high quality gym and swimming pool facilities. Southernhay is a legal centre of excellence and office occupiers include Stephens Scown Solicitors, Family Law, The Courts Service, Foot Anstey, The Insolvency Service, Browne Jacobson, Trowers & Hamlins and many other professional practices.