This is a prime development site in the heart of the city centre acquired on a negotiated basis from the Crown Estate and Exeter City Council (ECC).
Through understanding the specific requirements of our stakeholder partners at ECC, we restructured the leasehold interest to generate an annual rental payment to the Council in lieu of a capital premium. The economic value of this structure far outweighed that of a single capital receipt at a time when budgets are severely constrained at local government level: the creation of a new, windfall, income stream from a previously dormant asset proved highly attractive.
HG Living secured planning permission for the redevelopment, comprising 150 PBSA units with associated student amenity space. A new passenger waiting facility for use by the adjacent coach station was developed and handed over to the Council on completion at nil cost as part of the development.
The completed property was handed over to our funding partners at Curlew Student Trust in advance of the new academic autumn term in 2018. The property continues to be operated very successfully by Fresh Student Living.