Vickery HolmanVickery Holman

The South West Specialists

Truro t: 01872 245600 Plymouth t: 01752 261811 Exeter t: 01392 203010
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Former Brewery Sold

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 £1.55million 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”.