USUALLY when a property is being advertised for sale and you read the words "arguably one of the best apartments in Exeter", it is often just another case of a well-used phrase being pulled out again.

Then you get a home like this penthouse apartment come on the market and the address alone – City Bank, Cathedral Yard, Exeter – is enough to reveal it not only matches the description, it exceeds it.

Not only does the property share the same address as the city's most prominent landmark, Exeter Cathedral, it is also located opposite it.

Unlike other homes where you only get to enjoy a glimpse of the cathedral from its windows, the apartment has a direct unobstructed view from the top floor of Exeter's former City Bank.

It was created along with two other flats on the floor below by Somerset-based property developers Oyster Property. The company bought what was offices used by Halifax bank in 2005 and set about converting the space into three unique flats. Chris Wilson, one of its three directors, said: "Normally we do mostly rural conversions such as barns into offices, but we also look out for listed buildings and we happened to get wind of this one and just thought it was a really fantastic location and too good an opportunity to miss.

"There's no other view like it in the whole world. It's very unique.

"We ended up with different lots of planning permission. The first was to turn the space into four smaller flats across the two floors. Then permission was granted for two big flats, one on each floor.

"We ended up then getting a third plan agreed for one big flat on the top floor and two flats underneath.

"At the time they had just finished the development of Princesshay and there were a few big flats built within that which didn't have such good views, so that's why we decided it would be nicer to have one big flat."

The reality of that vision is a very spacious two-bedroom apartment with hallway, large open plan sitting/ dining/ kitchen, bathroom and utility room. One of the two large double bedrooms also has an en suite shower.

It also boasts five windows looking out towards the cathedral and Haldon Hills beyond, and a further two giving views down Cathedral Yard. Although the apartment does not have its own private parking, it is believed spaces can be rented in nearby car parks and parking lots.

City Bank is one of Exeter's historic buildings overlooking the Cathedral Green and the developers have been careful to retain its period features.

Chris recalled: "We stripped out the office part of it and then turned it into flats. All three have been renovated with the same spec and style.

"As it is listed there were a few restrictions. For example, we couldn't put a lift in and we had to use the existing openings, but it's such a fantastic spot it didn't really matter."

Its conversion was completed in 2007 and the two smaller flats have been sold. The penthouse was rented out by the developers and is now back on the market.

Chris admitted: "Time wise we got it completely wrong because by the time we finished it the recession had hit. It's a really fantastic building in a unique position by the cathedral and living in the middle of Exeter with everything it's got to offer. It's nice to have been able to give it a new lease of life."

The property is being sold through Wilkinson Grant & Co estate agent for £350,000. For details call 01392 427500 or visit www.wilkinsongrant.co.uk