Christie & Co instructed to market freehold development opportunity in Exeter city centre
Specialist business property adviser, Christie & Co has been instructed by regional pub company, Heavitree to market a substantial freehold property with development potential in the centre of Exeter.
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Currently a trading public house known as The Locomotive, the opportunity comprises 3,600 sqft of space and features a three-section bar with a managers flat to one end, plus 11 letting bedrooms in two adjoining buildings and a further block containing four flats let on short term agreements. The buildings are spread over a 0.12-acre site which includes garages, parking and outside areas.
Whilst The Locomotive is set in a distinctive Victorian property dating back to the 1850’s, the building is not listed, so there is scope for an alternative use scheme (STPP) in whole or in part, potentially converting the existing letting accommodation and owners/management accommodation into separate self-contained flats, student accommodation or individual town houses. In addition there is potential to remove the garages at the rear of the property and build residential houses or flats over several storeys, subject to normal planning and consents.
The Locomotive pub is well positioned on New North Road, the main pedestrian route from Exeter Central Railway Station and the city’s popular Princesshay shopping centre, Cathedral Close and High Street. Exeter University, which attracts some 22,000 students, is also under a mile away.
Simon Chaplin, Senior Director – Pubs, Restaurants & Franchise in Christie & Co’s Hospitality team comments, “This is a fantastic opportunity to acquire a pub with development potential in the heart of Exeter. The Locomotive offers a purchaser the opportunity to maintain income from the pub, rooms and flats whilst obtaining the relevant consents to convert and develop the site to maximise returns.”
For further information on this press release, contact:
Bronte Hughes, Corporate Communications Manager
P: 020 7227 0794 or E: bronte.hughes@christie.com
Contact the agent:
Simon Chaplin, Senior Director – Pubs, Restaurants & Franchise
P: +44 (0) 7764 241351 or E: simon.chaplin@christie.com
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