Five new shops are to be created on the ground floor and basement of Exeter’s former House of Fraser department store – with a boutique hotel and spa on the upper storeys.
Wealth management firm Prydis took control of the 70,000sq ft city centre pile when the troubled retailer moved out in 2019. It has already revealed plans for InterContinental Hotels Group (IHG) to open a 104-bed Hotel Indigo with a spa, restaurant and rooftop bar at the building.
But now Arc Retail Property Consultants has begun marketing the lower levels of the block, dividing the ground-floor into four units with another in the basement.
READ MORE: {}
It envisages units of 2,009sq ft, 1,228sq ft, 1,877sq ft and 1,423sq ft on the ground floor, with a basement unit of 1,181sq ft.
A brochure advertising the property says: “Unit 5 is situated in the basement and is accessed from Catherine Street. It is suitable for a variety of uses, subject to planning consent.”
The ground floor has yet to be divided but the units are described as “regular shaped” and leases on them are being offered now, with minimum five-year reviews.
The brochure said: “The majority of the former department store is currently being re-purposed as a boutique hotel, comprising 104 bedrooms, ground floor restaurant, basement spa and a rooftop bar with far reaching views.
“The hotel will be operated by IHG under the bespoke Hotel Indigo brand. The ground floor will be sub-divided as part of the refurbishment, providing regular shaped shops.”
Most Read
WHAT DO YOU THINK OF THIS DEVELOPMENT? OR THE FUTURE OF RETAIL? PLEASE COMMENT BELOW
In 2019 Prydis struck a franchise deal with IHG, which has 5,900 hotels in 100 countries, for its boutique brand Hotel Indigo to occupy the former department story, which overlooks Exeter Cathedral.
IHG operates the Crowne Plaza and Holiday Inn brands, among many others, and already has the Holiday Inn Express in Exeter city centre. But while that is classed as a “mainstream” hotel, the Hotel Indigo brand is badged “upscale” and offers luxury amenities.
Prydis said the deal emphasises the robustness of the hotel market, and will capitalise on the staycation market trend post-Covid and the positive growth potential for the South West region.
How to contact William Telford and Business Live
Business Live's South West Business Reporter is William Telford. William has more than a decade's experience reporting on the business scene in Plymouth and the South West. He is based in Plymouth but covers the entire region.
To contact William: Email: william.telford@reachplc.com - Phone: 01752 293116 - Mob: 07584 594052 - Twitter: - LinkedIn: - Facebook:
Stay in touch: BusinessLive newsletters have been re-designed to make them even better. We send morning bulletins straight to your inbox on the latest news, views and opinion in the South West. Get our breaking news alerts and weekly sector reviews too. Sign up now - it's free and it only takes a minute. To sign up for Business Live's daily newsletters click .
And visit the Business Live South West LinkedIn page
Prydis completed the purchase, for an undisclosed sum, of the building in February 2020 and began development to create a “new breed” of commercial space designed to reflect the changing needs of the retailer, the high street and the consumer.
The redevelopment of the four-storey block has been planned to make the most of the beauty of the nearby cathedral, the city centre and the surrounding area, and Prydis said it has been approached by numerous potential high street tenants and is seeking the right partners.
Don’t miss
The 1950s department store was built after much of central Exeter was destroyed during the Blitz, and it enjoys an unrivalled location opposite historic Tudor buildings, and close to Exeter Cathedral. The hotel will be accessed by the corner entrance from St Catherine's Square.
The billionaire owner of Sports Direct, Mike Ashley, bought the House of Fraser chain in August 2018, hours after the group went into administration.
In January 2019, House of Fraser cancelled its widely publicised Exeter closure. However, it then did close its doors in November 2019 when it served notice on its lease.