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News Release

Exeter

Trinity Court, Southernhay Gardens, Exeter


Exeter, 14th March 2012 - On behalf of Valad Property Group Jones Lang LaSalle has recently sold Trinity Court which comprises some 16,610 sq ft of offices, plus basement parking, to Formal Investments who are a well known property company based in Cheltenham. 
 
Trinity Court forms part of the Southernhay Gardens estate and was built on the site of a former Methodist chapel in the 1970s.  The building has a great frontage to Southernhay and potential to expand by adding another floor. 
 
Alternative uses including residential and a hotel were looked at but the best value came up as offices.
 
Formal Investments plan to refurbish the building for speculative letting.
 
The property was sold for the sum of £855,000 for the long leasehold interest.
 
Andrew Pearce, director in Jones Lang LaSalle's Business Space team in Exeter commented: "We looked at various alternative uses for Trinity Court and submitted a pre-application to Exeter City Council.  We appointed Lacey Hickie Caley to work up some solutions and a CGI for the building which was a great marketing tool."
 
Trinity Court is situated next to the Southernhay House, which Jones Lang LaSalle also sold to the owners of Burgh Island and has been sympathetically converted into the boutique Southernhay House Hotel.