Alder King in Exeter, acting on behalf of the Pennon Group, has acquired the 7,731 sq ft South Suite of Estuary House on Peninsula Park in Exeter.
The Pennon Group, which owns South West Water, Bristol Water and Bournemouth Water, has its headquarters at Peninsula House on Rydon Lane.
It has now leased the South Suite in the adjacent Estuary House to facilitate the expansion of its engineering division.
Estuary House provides flexible open plan offices in two suites on the first floor. The South Suite was recently refurbished with a new comfort cooling system and LED lighting. The property also provides up to 48 car spaces.
Noel Stevens, partner at Alder King, said: “Exeter has enjoyed encouraging levels of office take-up in recent months, particularly out of town where there is greater availability on the business parks and better quality space as a result of recent refurbishments. This acquisition for Pennon is another solid example of mid-range activity.”
Pearce Property Consultants represented the landlord.