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Nooko, Paternoster House, North Street, Exeter, EX4 3FR

Offers in Excess of
£13,500,000
By Design, covering Nationwide
PROPERTY TYPE

Residential Development

BEDROOMS

56

BATHROOMS

53

SIZE

550 sq ft

51 sq m

Key features

  • Prime mixed-use freehold investment opportunity
  • Landmark city centre position
  • 29 apartments / 56 bedrooms – fully let
  • Approx. 22,000 sq ft residential & 9,000 sq ft commercial
  • Award-winning conversion completed 2025
  • Fully furnished turnkey accommodation
  • Fully refurbished – no immediate CapEx required
  • Strong high-street commercial covenants
  • Passing rent: £956,180 per annum
  • Gross ROI: 7.08%

Description

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.

Nooko, Paternoster House, North Street, Exeter, EX4 3FR

Open mapStreet View

NEAREST STATIONS

Distances are straight line measurements from the centre of the postcode
  • Exeter Central Station0.2 miles
  • Exeter St. Thomas Station0.5 miles
  • Exeter St. Davids Station0.7 miles

About By Design, covering Nationwide

12 Old Bond Street, Mayfair, London, W1S 4PW

By Design market unique and desirable homes with a personal and personalised service. We are a network of selected, leading, independent businesses, with the scale and reach of a national brand and the care and dedication of a local agent. Customer focused and needs driven, we pride ourselves on being with you from start to finish, ensuring your move is a success.

Notes

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Disclaimer - Property reference BYD_BRS_LFSYCL_1068_1229496883. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by By Design, covering Nationwide. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

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