House of Fraser’s flagship Exeter city centre outlet has been sold to wealth management firm Prydis.
The Exeter-based company intends to redevelop the 65,000 sq ft building into a mixed-use retail, leisure and hotel scheme.
Octopus Real Estate provided an £8 million loan to Prydis to support its acquisition of the former House of Fraser store.
“Exeter has a rich culture that we wanted to highlight and help revitalise,” said Joe Priday, director of Prydis. “The redevelopment has been thought out to make the most of the beauty of the nearby cathedral, the city centre and all it has to offer.
“A particularly complex component of this transaction was Exeter Cathedral’s listed status and historic reputation, meaning that any proposal had to be watertight and clearly enhance the existing infrastructure.”
Last week, House of Fraser closed its Dublin outlet following a row with the landlord.
LSH advised Prydis.