NEWS

Paternoster House flats described as “blueprint for Exeter’s future” marketed for rent at up to £3,500 per month

Standard minimum earnings eligibility threshold to rent each of four city centre flats so far completed ranges from £71,500 to £104,000 per annum, three times Exeter median wages, while best-paid 10% in Devon earn £52,400.

Martin Redfern

Flats in Paternoster House, overlooking the junction of Fore Street and North Street in Exeter city centre, are being marketed for rent at rates up to nearly £3,500 per month.

The city council granted planning permission to convert and extend the building, which was completed in 1884 and originally housed Wheaton’s booksellers and a furniture store, in April 2017.

A Copenhagen-based developer was to combine the ground floor and basement for commercial use and lay out 28 flats across its five upper floors, the top two which were to be extended. Works did not commence.

Two years later Grenadier Paternoster Limited, a subsidiary of Oxygen House, the company behind Exeter City Futures, applied for renewed permission to reduce the number of flats to 24, saying the building would be “transformed into a new tech hub that will provide innovative local businesses with a place to thrive”.

The council granted permission for this scheme in March 2020 but works still did not start.

A fortnight before planning consent was to expire, in March last year, the company again sought renewed permission to convert the building, reverting to 28 flats and adding a roof terrace.

Paternoster House Paternoster House before redevelopment began

The council granted planning consent four months later and works were under way by September last year.

London-based Nooko Developments Limited, which describes itself as a “visionary property development company” announced the renovated flats would be aimed at young professionals “wanting an elegant, cosmopolitan New York loft-style apartment”.

It is currently marketing ten of the 28 planned apartments, all of which it says will be completed by January. Four have been finished so far.

It describes one as a “vast HMO”, suggesting that it may intend student occupation of its four bedrooms. The rent is set at £3,466 per month.

Another, a three-bed top floor flat, described as “an idyllic city retreat for families” is available for £3,033 per month, although the company says it would also welcome sharers.

A fourth floor two-bed show flat which “represents the epitome of opulence” is on offer at £2,600 per month. Another two-bed show flat on the third floor can be reserved at £2,383 per month.

The company says that the Paternoster House renovation “represents more than just the transformation of a single building”, it is a “blueprint for Exeter’s future”.

Paternoster House flat 26 floor plan Paternoster House 77m2 two-bedroom fourth floor show flat plan. Image: Nooko Developments Limited.

The standard financial eligibility threshold, below which agents will not normally consider letting to tenants, is an annual income of at least two and a half times the rent.

The minimum earnings required to rent each of the four Paternoster House flats that have so far been completed would therefore range from £71,500 to £104,000 per annum.

According to the Office for National Statistics, median full-time annual gross earnings in Exeter workplaces were £33,600 last year, while the top 20% earned £45,200.

There are too few jobs in the city that pay more than this for reliable earnings statistics for the top 10%, but across Devon the people in this bracket earned £52,400.

The council did not require an “affordable housing” contribution from the Paternoster House renovation.


Democracy doesn't work when people don't know who is deciding what on whose behalf and what the costs and consequences of those decisions will be.

Exeter Observer is proving that reader-funded media can deliver the independent public interest journalism our local democracy needs.

Upgrade to a paid Exeter Observer subscription to support our work and get access to exclusive premium content and more.

More stories
Illustrative floor plan of new redevelopment proposals

New Heavitree Road police station student accommodation and “co-living” complex proposals submitted to Exeter City council

Application for full planning permission for 813-room scheme in seven blocks follows decision to reject previously-proposed 955-room scheme in two blocks which was subsequently upheld at appeal.

Danny Barnes

Danny Barnes received full £15,000 Devon County Council allowance during 2024-25

Heavitree & Whipton Barton councillor failed to sign off £14,600 community grants after attending only two of fifteen public meetings and is alleged to have worked for Scottish Labour MP Imogen Walker since shortly after last year’s general elections.

, updated

Exeter cycle route E9 Wonford Road bus gate modal filter

Wonford Road modal filter bus gate to be first of five Exeter ANPR camera sites

Devon County Council will use new moving traffic offence enforcement powers to issue penalty charge notices to motorists contravening active travel, bus lane and one-way street restrictions.

Devon five-a-day fruit & vegetable consumption by district 2023-24

Exeter residents eat lowest proportion of 5-a-day fruit and vegetables in Devon with only South Hams above England average

Public health report also finds three in ten Devon residents are physically inactive and nearly two-thirds overweight with new countywide health and well-being strategy due in autumn.

Save Northbrook Pool campaigners dressed in black outside Exeter City Council's offices on 24 June 2025

Labour councillors dive deeper into denial in decision to abandon Northbrook pool

Exeter residents mourn as council suppresses destructive consequences of creating St Sidwell’s Point complex that looms in leisure service shadows like a leviathan.

Devon & Torbay Combined County Authority draft local growth plan infographic

Devon & Torbay CCA keeps quiet about 2025-35 Local Growth Plan as it takes charge of regional development agenda

Combined County Authority privately selects unspecified stakeholders to co-author document setting out strategic priorities but with little of substance to say on addressing region’s structural challenges.

On Our Radar
St Thomas churchyard

SATURDAY 19 JULY 2025

Love St Thomas Summer Festival

New community event launches with live music, talks, workshops, stalls, refreshments and family-friendly activities.

ST THOMAS CHURCHYARD

Summer at the Quayside illustration

TUESDAY 29 JULY TO FRIDAY 29 AUGUST 2025

Summer at the Quayside

A month of free family activities including weaving, felting, doodling and drumming.

EXETER QUAY

Spork! summer special

THURSDAY 31 JULY TO THURSDAY 14 AUGUST 2025

Theatre in the Park

Exeter Phoenix hosts an al fresco summer theatre season featuring Shakespeare, spoken-word poetry, puppetry and physical comedy.

ROUGEMONT GARDENS