Trowers & Hamlins has advised on the acquisition of the historic Royal Clarence in Exeter Cathedral Yard, which is now set to be restored to its former glory with work starting nine years after the hotel was ravaged by fire in 2016.
Having exchanged contracts to acquire the site, local property developer NooKo have plans to develop a mix of residential and commercial units.
James Porter, NooKo director, said the company would focus on "keeping as much of the building's original charm as possible" and "like most people in Exeter we want to see this iconic building brought back to life."
James said this would involve "bringing the facade back to life so it looks much like it did before the fire".
Fellow company director Max Sayers added:
"As locals from Exeter, we understand The Royal Clarence's historical importance and are committed to restoring it as a landmark the city can be proud of. We're humbled by the opportunity to bring this pivotal building back to life."
Corporate Partner, Stuart Mathews and Real Estate Partners Ben Neary and Jack Frier led the Trowers team, comprising lawyers from multiple specialisms including Corporate (Matt Libby, Luke Cummings and Rachel Johnson), Real Estate (Lucie Allen), Planning (Sophie Emerson), and Construction (Lydia Stuart-Banks). The deal completed with financial and taxation advice from Richard Anthony Accountants in London. Foot Anstey acted for the Seller.
Commenting on the advice and support from Trowers, Max said:
"We’re incredibly grateful to the team at Trowers & Hamlins for their expertise and dedication throughout this process. Their guidance and attention to detail have been instrumental in helping us secure this significant site and take the next steps toward restoring a much-loved part of Exeter’s heritage."
Stuart Mathews said:
"We are very proud to support NooKo on this very welcome and exciting development for the city centre and we are delighted that the future of this site is assured with the extremely capable and professional team at NooKo."
Work is due to start in April 2025 with an estimated completion time of two years.
