The headline rent for newly refurbished Grade A office accommodation in Exeter has increased for the first time in three years to £13.40 per sq ft. The increase was achieved by property consultants Alder King acting on behalf of Egan Property Asset Management in a deal at Stratus House on Exeter Business Park.
“The standard rent on existing office stock in Exeter ranges from £10-12 per sq ft,” says Lee Southan of Alder King. “After a period of rental stability, this increase is a small but encouraging sign of market recovery and reflects the quality of the accommodation following its recent refurbishment.
“It also clearly demonstrates the value to landlords of investing in quality refurbishments of well-located office accommodation.”
Headline rents on new Grade A office accommodation have remained stable at £16.50 per sq ft both in the city centre and out of town over the past five years but as the level of new stock reduces, Alder King predicts there is an increasing likelihood of rental growth.
Ashcourt Rowan, the fast-growing wealth management company, has taken the 1,306 sq ft (121.3 sq m) suite at Stratus House on a five year lease at the asking rent of £17,500 per annum.
The company chose Stratus House because of the quality of the accommodation and its good access to the motorway. The opening of an office in Exeter is a consolidation of the company’s Taunton and Torquay offices, with staff relocating from both offices to the new Exeter site.
Lee Southan said: “Stratus House is an excellent fit for Ashcourt Rowan, offering good quality, easily accessible space and a range of complimentary occupiers in the building. The property is now fully occupied.”
