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Former Well Park Brewery sold

wantspacegotspace.co.uk - Former Well Park Brewery soldBrewers Court, a development of 14 modern apartments has been sold by the Investment Department of Vickery Holman.  

Developed originally as the Well Park Brewery in 1870, with the last beer being poured in 1925 by J A Devonish & Co. which produced “a range of superior ales”.  

The property underwent comprehensive conversion and part development in 2005 to provide 14 mainly two bedroom apartments, a number with ensuite bathrooms.

The property also includes a site of 0.1 hectares (0.25 acres) which had planning consent for a further 13 apartments which has not been implemented.

The existing apartments are arranged around a secure car park accessed from Willeys Avenue.   All apartments have gas fired central heating and modern fitted kitchens.

The apartments are currently fully let producing in excess of £118,000 per annum gross, all let on assured shorthold tenancies.

The purchase price was £1.55 million which after allowing for development site and adjustments to provide a net rent suggests a net initial return of 7.46% allowing for normal purchasers cost of 5.8%.  The property was sold to a local private investor.

Vickery Holman’s Director and Head of Investment, Mike Oldrieve comments:

“We have been working on Brewers Court for a number of years now and have had one or two false starts but I think it can be taken as a sign of an improving market that the sale has now completed.  Exeter is certainly riding on a high and this combined with an improving residential market makes for an attractive purchase”.

Posted by The Editor (wantspacegotspace) on 16th June 2013 (updated 24/06/2013)

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