Property Development
Paternoster House developer takes on Royal Clarence Hotel rebuild after sale agreement reached with previous owners
Completion of restoration plans for five floors of luxury flats above ground floor and basement commercial units scheduled for April 2027, more than decade after historic Cathedral Yard building burnt down.
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.
Council confirms Royal Clarence Hotel restoration start date still not set
Plans to renew historic building destroyed in October 2016 fire approved nearly two years ago following failure of first reconstruction project but developer has yet to discharge any consent conditions and financial viability of plans remains in doubt.
