Development Opportunity adjacent to Premier Inn, Southernhay Gardens, Exeter, Devon, EX1 1UH

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Property Type

Land

Tenure

Leasehold

Type

Land

Bidder Security Deposit

£3,500*

Property Summary

On the instructions of the Joint Fixed Charge Receivers
Leasehold development opportunity
Site area 359.57 sq m (3,870 sq ft)
Planning consent for an office building of approximately 18,945 sq ft (1,760 sq m).
There is no right of access to the site from the public highway

Vacant possession

Leasehold city centre development opportunity with planning consent for an office building. Vacant possession.

Description

The property comprises a level, roughly rectangular site of approximately 359.57 sq m (3,870 sq ft) with lapsed planning consent to extend the hotel site. Known as Phase 2 in all documentation the development site forms part of the Premier Inn and car park development being formed by the ground floor slab on which the hotel was built.

The site does not benefit from rights of access to the public highway. The buyer will need to negotiate access rights over the adjoining Law Court’s land and/or the Landlord’s freehold estate.

Location

The ancient city of Exeter is located on the River Exe approximately 32 miles south-west of Taunton, 11 miles north-west of Exmouth and 45 miles north-east of Plymouth. The city is accessible via the A380, A30 and A377 trunk roads, with the M5 motorway (Junctions 30 & 31) providing access to the north-east up to Bristol. Exeter Airport is located approximately 6 miles to the east of the city centre.

The property is accessed from Southernhay Gardens on the edge of the city centre, adjacent to the Premier Inn and Exeter Law Courts and the main city centre office developments around Southernhay. All city centre amenities are available within a short walk of the property.

Lease Details

Held on a lease for a term of 999 years from 11/03/2016 at a peppercorn.

Planning

Planning reference application number 11/1816/03. In March 2012 planning permission was granted for a mixed-use development comprising a 120-bed hotel, offices, café / restaurant, and basement car parking over two levels. The proposal comprised two phases, the first building phase located on the part of the site closest to Dean Park House, proposed a hotel with coffee shop, 2,799 sq ft (260 sq m), restaurant (88 covers) and bar (46 covers). The hotel comprised 120 rooms spread over six floors. The ground floor office element would occupy an area of 362 sq m. This building and Phase II of the drawing would have access to two levels of basement car parking containing a total of 167 parking spaces, which would operate on a pay and display basis. This car park would also be available for general public use. To the rear of the building adjacent to the southern boundary would be proposed a landscaped area to serve both the hotel and future office accommodation. The second phase located closest to the existing Court building comprised a five-story office building of 3,789 sq ft (352 sq m) of floor space on each floor, giving a total of 18,945 sq ft (1,760 sq m).

This consent was implemented by the construction of the hotel, gym and what was to be bar / restaurant and as such we believe the second phase planning permission is extant. However, it has subsequently been replaced by a now lapsed planning consent (application number 16/0618/03) for the erection of a six-storey building for hotel use comprising of 102 bedrooms to replace the previously approved office accommodation (Phase II of the Mixed-Use Development (application number 11/1816/03).

Local Authority – Exeter City Council (01392 265010) www.exeter.gov.uk

Additional Information (EPC, Council Tax & VAT)

EPC Rating

Not applicable

VAT

This property is elected for VAT

Disclaimer*

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