Landmark Exeter freehold: 29 apartments, prime retail & £956k pa income. Fully furnished.

Paternoster House is a comprehensively redeveloped, large-scale mixed-use freehold investment occupying a prominent position on North Street in the very heart of Exeter city centre.

The building has been transformed into a substantial residential-led scheme comprising 29 apartments arranged over the upper floors, together with two prime commercial units at ground level. The residential accommodation extends to 56 bedrooms in total and has been finished to an excellent contemporary specification throughout. All apartments are fully furnished and presented as genuine turnkey accommodation, requiring no immediate capital expenditure.

The residential element currently generates £776,180 per annum, with EPC ratings of B and C across the scheme, reflecting strong environmental performance for a building of its scale. The asset has been professionally converted and completed in 2025, delivering open-plan layouts, designer kitchens and bathrooms, integrated LED lighting, passenger lift access, entry systems and DDA compliance.

The commercial accommodation extends to approximately 8,976 sq ft, producing £180,000 per annum from established occupiers including Søstrene Grene and Vyve Pilates. This income provides a robust and stabilising foundation to the overall rent roll, enhancing defensive characteristics and underpinning long-term performance.

In total, the property generates a passing rent of £956,180 per annum, reflecting a present gross ROI of approximately 7.08% at the quoting level.

The location is exceptional. Positioned just moments from Exeter Cathedral (0.2 miles), Guildhall Shopping Centre (0.06 miles), Princesshay (0.3 miles) and the High Street (0.2 miles), the building sits within the city’s prime retail and leisure core. Exeter Central Station (0.7 miles), Exeter University (1.1 miles) and the Royal Devon & Exeter Hospital (1.6 miles) further support deep and diverse occupational demand fundamentals.

Knight Frank valued the asset in November 2024 at £15.47 million (Residential £13.62m; Commercial £1.85m), reinforcing its status as a scale, income-producing city-centre holding.

Paternoster House represents a substantial, fully repositioned investment in one of the South West’s strongest regional cities — combining secure commercial income, modern residential accommodation and measurable forward rental growth potential within a landmark Exeter address.