Acorn Property Group has completed the purchase of the 31,504 sq ft 1-3 Manor Court office development in Exeter city centre through its commercial acquisitions arm First Oak, for an undisclosed price.
The development, which is located at Dix’s Field in the heart of the city’s central business district, comprises a terrace of three buildings arranged over four floors.
The properties have been purchased part vacant and Acorn will refurbish the vacant buildings and market them to rent shortly. Number 3 Manor Court, which represents just over 50% of the space, is currently let to a contact centre firm and provides an initial income of £271,298 per annum.
Dane Cummings, head of commercial at Acorn, said: “We will be refurbishing the two vacant buildings immediately and already have strong interest from potential occupiers. This latest commercial purchase in the South West demonstrates our belief there’s considerable scope for asset management and commercial investment throughout the region, driven by a shortfall in quality office space and growing demand from an increasingly affluent local population. It’s our intention to continue our purchase of commercial developments and to explore investment opportunities throughout the South West during 2023.”
Tony Fisher, head of agency for Lambert Smith Hampton, which acted for Acorn on the purchase, said: “Manor Court is a high profile site within the heart of Exeter’s thriving Business Community and the refurbishment of buildings number 1 and 2 will offer Grade A office accommodation.”
