An iconic building in the centre of Exeter has been acquired by a local property investment company with an ambitious development plan for 28 apartments and 10,000 sq feet commercial opportunity on the ground and lower ground floor. ‘We love Paternoster House and it’s crying out for a sympathetic development which will restore the buildings profile back to its glory days of the 1880s, whilst also incorporating modern building techniques and sophisticated design. At the time, it was Exeter’s first department store, and that concept came straight from Paris, so Paternoster House was the very height of elegance.’ Max Sayers, Director of Paternoster SW Ltd, explains. ‘The development will bring 28 highly desirable apartments for young professionals right into the city centre, in an amazing building and with imaginative use of space and features.’
Sayers goes on to add ‘This is much more than a development project to us. There’s so much history in the building and we will take every opportunity to retain and restore as much of the distinctive features as we can, including the original floors, beautiful sandstone window openings, and exposed roof trusses and brick walls. We will use recycled materials and incorporate as many green or energy-efficient features as possible. The energy efficiency is a priority for us, so we are fitting solar arrays for each apartment. The property will be ideal for people wanting an elegant, cosmopolitan New York loft-style apartment in the heart of the city, with a communal roof terrace and a great energy and ambiance throughout the building.
The project is already benefiting from strong collaboration between developers, architects, and property consultants. Francis Louis are residential property experts in Exeter and commented that there was a need for distinctive city-centre homes. ‘Paternoster House is a very exciting project and we’re delighted to be involved,’ said Director, Adam Friend. ‘Investing in Exeter is a passion for us, and that’s why we’re working so closely with The Developer to market and rent the 28 apartments.’
The team behind Paternoster House are committed to Exeter, but that’s not where the story ends. They also help to run a family charity called EDP-Trust (https://www.edp-trust.org/) that established Awutu Winton Senior High School in Ghana. The school started with 90 students 12 years ago and now has over 500 pupils and is rated one of the best in the country. ‘Supporting, funding, and growing this school is one of the main reasons we take on these massive projects. We all believe education is the route to a better life and seeing how these children prosper at the school is incredibly motivating.’ Explains Max.
Zach Maiden , Head of Exeter Office for commercial property consultants Vickery Holman said ‘Combining a high-quality residential build with versatile commercial space is what our High Streets need. People want the whole customer experience of living and working in a city with a pulse. The ground and basements levels at Paternoster House are amongst the biggest commercial space available in central Exeter. We expect strong interest from leisure operators looking for an exciting statement property with 10,000ft space that is incredibly versatile with great footfall.’
Work on the apartments will begin in June 2023 and should be available through property specialists Francis Louis in late 2024.
