Case Study
Princesshay, Exeter
The 600,000 sq ft retail and leisure destination.
January 23, 2026
Sovereign Centros from CBRE were appointed as Asset Managers on behalf of Frasers Group following their purchase of Princesshay in October 2024. The 600,000 sq ft retail and leisure destination, anchored by Zara, Next, New Look and Apple, comprises 116 stores and 512 car parking spaces, making it the dominant retail centre for Exeter.
The Business Plan focuses on re-anchoring the centre through the occupation of the vacant Debenhams unit with retail over the first two floors and the opportunity to introduce alternative uses, particularly new leisure operators, over the remaining two floors.
There is also a focus on upsizing and renewing key national brands to strengthen the tenant mix, leasing up the vacant restaurant space to enhance the customer experience and agreeing lettings with national brands such as Victoria’s Secret, Sweaty Betty and Suit Direct.
A critical priority is addressing the lease expiry profile over the next 18–24 months, which will be managed through proactive lease renewals and targeted asset management initiatives. Sustainability is also a key ingredient, with a number of ESG-related initiatives being implemented to future-proof the asset.
As the leading retail destination in Exeter, the strategy ensures the right mix of uses to meet evolving customer needs. Key tenants include Wagamama, Nando’s, Hollister, Reiss, River Island, Superdry and Fat Face, alongside a strong fashion and lifestyle offer.
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