Travis Perkins plc has purchased a key development site in the middle of Exeter’s biggest commercial estate, representing the city’s largest industrial property deal of the year.
Tim Western, lead director of property consultancy JLL in Exeter, represented the vendor, Palace Capital, in the sale jointly with Alder King.
Travis Perkins has purchased the former Wheatons printing factory on Hennock Road, which extends to 4.25 acres, from Palace Capital plc. The property became vacant following the demise of Wheatons Ltd, which went into administration in May this year, after over a 230-year history in the city.
Tim Western said: “This is Exeter’s most significant property transaction this year. With such a shortage of options available, we are excited that Travis Perkins has purchased this site to redevelop it for its own use. This is a very prominent site, which attracted high levels of interest from investors, developers and occupiers.”
Andrew Thomas of Palace Capital plc said: “We are delighted to have secured a sale of the property to Travis Perkins and hope that they have a successful trading future on this well-known site.”
Tim Beare, property acquisitions manager for Travis Perkins, said: “We have been looking for a new facility on Marsh Barton for some time to supplement our other brands within the city. The site provides us with the scale and flexibility to create a fantastic builders’ merchant facility, which will complement our existing Travis Perkins depot in Exeter at Sowton.”
Harvey Spack Field acted for Travis Perkins in the transaction.