Newly-released records have disclosed that Exeter's historic Royal Clarence Hotel, which suffered extensive damage due to a fire, was sold for £2 million. The Grade II listed property, located in Cathedral Yard, was acquired by Exeter-based developer NooKo from one of Devon entrepreneur James Brent's firms in December last year.
The transaction details filed at Companies House reveal that Mr Brent has maintained an option for the ground floor and basement of the refurbished building. Restoration efforts commenced this month at the site, almost ten years after the devastating blaze that spread from adjacent properties.
The premises have planning permission for 23 "luxury" apartments, along with a restaurant and bar, a development approved in 2022. Apex Scaffolding of Exeter has already initiated work on the site.
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Recent accounts submitted by Natatomisam Ltd, the Exeter development company that sits atop former Plymouth Argyle chairman Mr Brent's business portfolio, shed light on the specifics of the sale between subsidiary South West Lifestyle Brands Ltd and NooKo. According to the report, Natatomisam consented to sell all shares in South West Lifestyle Brands, the owner of the Royal Clarence site, for £2 million, reports .
It received £1.6 million following the deduction of an overage, or claw-back, fee amounting to £400,000 paid to the prior owner Andrew Brownsword Hotels, which had sold the property to Mr Brent's enterprise in 2020.
The document revealed that Natatomisam was granted an option to purchase "the significant majority" of the basement and ground floor space at the hotel for £1 upon completion of their agreement.
For the fiscal year ending June 2024, Natatomisam, which counts Plymouth Pavilions amongst its portfolio, experienced a turnover surge of 39% to £9.7m, attributing the uptick primarily to "the increase in development activities".
Pre-tax profits soared by 97% to £653,000, with Mr Brent and his spouse, Nicola Brent—the sole proprietors of Natatomisam—receiving a dividend payout totalling £300,000. Beyond the Royal Clarence transaction, the report highlighted post-June events such as the delivery of 25 "affordable" homes built for LiveWest at Laceworks in Barnstaple, and the initiation of an additional project at the site of 40 dwellings, of which 36 are slated for the open market.
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Natatomisam is near to finishing the demolition work of a leisure centre and creating a parking facility with 328 slots at Seven Brethren, located in Barnstaple, alongside wrapping up construction on a family residence and shop in a four-storey Grade I listed structure, situated just yards from the Royal Clarence site, in Exeter.
It has also secured the go-ahead for the demolition of "surplus buildings" at the Pavilions in Plymouth, complementing this with the acquisition of "additional land" in the city.
The Royal Clarence Hotel, a historic building dating back to 1769, was devastated by a fire in October 2016. Andrew Brownsword Hotels had plans to transform the ruins into a 74-bedroom hotel and even secured planning permission, but construction never commenced.
South West Lifestyle Brands took over the site in 2020 after it was listed for £2m. They deemed a hotel project unfeasible and instead proposed a £17m scheme to develop 23 flats above hospitality venues.
Nooko committed last year to reconstructing the building within two years, promising to respect the "architectural elegance and cultural heritage" of the structure. Max Sayers, co-founder of Nooko, recently told DevonLive that the project is about "returning a piece of Exeter's soul to the city centre".
He also revealed plans to incorporate a time capsule into the building.