Nooko, Paternoster House, North Street, Exeter, EX4
- Dwelling size
- 1200 sqft
- Bedrooms
- 56
- Bathrooms
- 53
Key Features
- Prime mixed-use freehold investment opportunity
- Landmark city centre position
- 29 apartments / 56 bedrooms – fully let
- Approx. 22,000 sq ft residential & 9,000 sq ft commercial
- Award-winning conversion completed 2025
- Fully furnished turnkey accommodation
- Fully refurbished – no immediate CapEx required
- Strong high-street commercial covenants
- Passing rent: £956,180 per annum
- Gross ROI: 7.08%
Description
Paternoster House is a comprehensively redeveloped, large-scale mixed-use freehold investment occupying a prominent position on North Street in the very heart of Exeter city centre.
The building has been transformed into a substantial residential-led scheme comprising 29 apartments arranged over the upper floors, together with two prime commercial units at ground level. The residential accommodation extends to 56 bedrooms in total and has been finished to an excellent contemporary specification throughout. All apartments are fully furnished and presented as genuine turnkey accommodation, requiring no immediate capital expenditure.
The residential element currently generates £776,180 per annum, with EPC ratings of B and C across the scheme, reflecting strong environmental performance for a building of its scale. The asset has been professionally converted and completed in 2025, delivering open-plan layouts, designer kitchens and bathrooms, integrated LED lighting, passenger lift access, entry systems and DDA compliance.
The commercial accommodation extends to approximately 8,976 sq ft, producing £180,000 per annum from established occupiers including Søstrene Grene and Vyve Pilates. This income provides a robust and stabilising foundation to the overall rent roll, enhancing defensive characteristics and underpinning long-term performance.
In total, the property generates a passing rent of £956,180 per annum, reflecting a present gross ROI of approximately 7.08% at the quoting level.
The location is exceptional. Positioned just moments from Exeter Cathedral (0.2 miles), Guildhall Shopping Centre (0.06 miles), Princesshay (0.3 miles) and the High Street (0.2 miles), the building sits within the city’s prime retail and leisure core. Exeter Central Station (0.7 miles), Exeter University (1.1 miles) and the Royal Devon & Exeter Hospital (1.6 miles) further support deep and diverse occupational demand fundamentals.
Knight Frank valued the asset in November 2024 at £15.47 million (Residential £13.62m; Commercial £1.85m), reinforcing its status as a scale, income-producing city-centre holding.
Paternoster House represents a substantial, fully repositioned investment in one of the South West’s strongest regional cities — combining secure commercial income, modern residential accommodation and measurable forward rental growth potential within a landmark Exeter address.
Map Location
Property details
- Tenure
- Freehold
- Council Tax Band
- Ask Agent
- Date Posted
- 2026-09-30
Utilities & Restrictions
Utilities
- Electricity
- Mains
- Water
- Ask Agent
- Heating
- Ask Agent
- Broadband
- Ask Agent
- Sewerage
- Ask Agent
Rights & Restrictions
- Public Rights of Way
- Ask Agent
- Private Rights of Way
- Ask Agent
- Listed Property
- Ask Agent
- Restrictions
- Ask Agent
Listed status, conservation areas and planning constraints for this location are in the full report.
Property Features
- Accessibility
- Ask Agent
- Parking
- On-Street Parking
- Garden
- Rear Garden
Beyond the particulars: planning activity, flood history, heritage and ground risks, checked for this exact spot.
Connectivity
Broadband
No premises records for this postcode, which is common for bare land and rural plots. A new connection would be quoted by the provider.
Mobile signal
Predicted 4G and 5G signal; indoor signal depends on building materials.
Ofcom Connected Nations postcode-level predictions. Speeds and signal are modelled, not measured, and vary between addresses and providers.
Signal is the easy part. Planning activity, flood history and protected designations here are in the full report.
Nearest Schools
Primary
- St David's CofE Primary School351 metresOfsted: Good *
- Ages
- 5 to 11
- Pupils
- 91
- Type
- Academy converter
- Faith
- Church of England
- Montgomery Primary School934 metresOfsted: Good *
- Ages
- 2 to 11
- Pupils
- 437
- Type
- Foundation school
- St Sidwell's Church of England Primary School & Nursery935 metresOfsted report card · Jan 2026
- Ages
- 3 to 11
- Pupils
- 201
- Type
- Academy converter
- Faith
- Church of England
- St Thomas Primary School945 metresOfsted: Good
- Ages
- 5 to 11
- Pupils
- 193
- Type
- Academy converter
- St Leonard's (CofE) Primary School0.7 milesOfsted: Good *
- Ages
- 5 to 11
- Pupils
- 615
- Type
- Academy converter
- Faith
- Church of England
Secondary
- West Exe School1.1 milesOfsted report card · Jun 2026
- Ages
- 11 to 16
- Pupils
- 1,237
- Type
- Academy sponsor led
- Isca Academy1.5 milesNo Ofsted rating
- Ages
- 11 to 16
- Pupils
- 860
- Type
- Academy sponsor led
- Thomas Hall School1.5 milesOfsted: Requires improvement
- Ages
- 4 to 16
- Pupils
- 438
- Type
- Free schools
- St James School2 milesNo Ofsted rating
- Ages
- 11 to 16
- Pupils
- 985
- Type
- Academy converter
- St Peter's Church of England Aided School2.2 milesOfsted: Good *
- Ages
- 11 to 16
- Pupils
- 1,305
- Type
- Voluntary aided school
- Faith
- Church of England
* Latest graded judgement covers quality of education only; no overall grade was issued under the 2024-25 inspection framework.
Distances are straight-line from the advertised location. Source: the national school registers (DfE, Welsh Government, Scottish Government) and Ofsted.
Schools are just the start: sold prices nearby, planning activity and any flood history are in the full report.
Amenities
Supermarket
GP surgery
Pharmacy
Hospital
Green space
Straight-line distances from the advertised location. Sources: NHS records, Geolytix supermarket locations, OS Open Greenspace and the national trails registers.
The area stacks up? Now check the location itself: planning nearby, protected designations and past flooding.
Getting Around
Nearest station
Nearest bus stop
Typical drive times
Straight-line distances from the advertised location; drive times are typical free-flow times over OpenStreetMap road data, so allow more at peak. Public transport locations from DfT NaPTAN.
Easy to reach matters. So do planning activity, flood history and ground risks: all in the full report.
Flood Risk
Environment Agency open data, checked around the advertised map pin for the listed acreage. Long-term risk counts flood defences; the planning map's flood zones do not. The map pin for this listing marks the postcode area rather than the exact location, so these readings describe the surrounding area. Provided by LandSale, not the listing agent, and not part of the agent's particulars. Risk varies across a holding, so verify before committing.
Rivers and the sea
Planning map: Flood Zone 1.
Surface water
These bandings are the summary. Where this location sits on the flood maps, plus planning activity, heritage and ground risks, is in the full report.
Important notice: Information, maps and tags on this page are drawn from the advertising agent's marketing materials or generated automatically. LandSale has not verified them. Relying on these details is at your own risk, always carry out independent checks before committing to a purchase.
LandSale full disclaimer
Marketing information only - not formal particulars. The details on this website are provided for general guidance and do not constitute an offer or contract. Neither LandSale nor the advertising estate/land agent accepts responsibility for any inaccuracy.
1. Source of information
- Listing content: Core description, asking price, tenure, measurements, photographs and planning history originate from the marketing materials of the advertising estate or land agent. LandSale does not author this content and cannot guarantee its accuracy.
- Automated tags & categorisation: Property type, land-use class, acreage bands and similar labels may be applied by machine-learning models. They are intended as a helpful guide only and may not reflect the property's legal status or permitted use.
- Third-party & enriched data layers: Maps, boundary outlines, planning designations, soil reports, broadband coverage and other environmental or location-based insights are licensed from external suppliers. Such data are supplied “as is", may be incomplete or out of date and are subject to change without notice.
2. Verification required
Prospective purchasers must verify critical matters, including but not limited to planning permission, title boundaries, public rights of way, environmental constraints, acreage, services, access and VAT status, through their own inspections, specialist surveys, legal advisers and the selling agent before relying on the information or entering into any contract.
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LandSale gives no warranty, express or implied, as to the accuracy, completeness or fitness for any particular purpose of the information displayed. LandSale shall not be liable for any loss, damage, cost or expense arising directly or indirectly from any use of or reliance on such information, save where liability may not be excluded by law.
4. Updates & feedback
If you believe any detail on this listing is inaccurate, please let us know. We will investigate and, where appropriate, update the listing or notify the agent.
© LandSale | Version 1.3 - August 2026
Listing agent
By Design, covering Nationwide
12 Old Bond Street, Mayfair, London, W1S 4PW
Contact By Design, covering Nationwide
12 Old Bond Street, Mayfair, London, W1S 4PW
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