One of the sites identified in the emerging Exeter Local Plan has recently changed hands for a multi million pound sum. The buyer of the 1.89 hectare site (4.68 acre) completed the purchase in early October and intends to progress plans for a larger scale mixed development within the City basin. The site has been owned for a considerable time by a London based investment group who have let the property out to industrial and employment occupiers including Vospers Motor Group, Gullivers Truck Hire, R C Scaffolding and Devon Contract Waste. Exeter City Council have made no secret of it’s plans to encourage the reuse of former employment sites for residential and mixed use development in this particular area.
Pepper Commercial have been marketing the site on behalf of the previous owners and offers were received in excess of the asking price. Contract were exchanged in late September on an unconditional basis and the transaction completed a few weeks later. The agency have been retained by the new owners to keep all the tenants on site and market any surplus land until plans are finalised for the development.