FORMER

DEPARTMENT STORE

NEW GEORGE STREET PL1 1SA

PRIME CITY CENTRE DEVELOPMENT OPPORTUNITY IN THE HEART OF PLYMOUTH

ON BEHALF OF

01752 261811 NEW GEORGE STREET PLYMOUTH PL1 1SA

INVESTMENT CONSIDERATIONS PROPOSAL ■ Development opportunity to reconfigure former Debenhams ■ Within close proximity to Plymouth Railway Station ■ We are instructed to seek offers Store, subject to consent (0.6 miles) and University of Plymouth (0.4 miles) in excess of £3,500,000 (Three ■ Situated in the heart of Plymouth City Centre, occupying ■ Existing building comprising approximately 159,259 sq ft Million, Five Hundred Thousand a prime retail location over basement, ground and three upper floors Pounds) subject to contract and exclusive of VAT. This equates to ■ ■ Benefits fromexceptional frontage onto the Occupying a site of 0.835 acres (0.34 ha) a low capital value of £22 psf. pedestrianised New George Street as well as Royal Parade ■ Virtual Freehold - 985 years unexpired, expiring 20th December 3006 and Bedford Way A1(M) YORK ● LEEDS BLACKPOOL ● NEW GEORGE STREET ● M55 M56 HULL ● PLYMOUTH M62 M61 GRIMSBY M1 M180 M18 ● PL1 1SA MANCHESTER LIVERPOOL ● ● M56 SHEFFIELD ● LINCOLN ● M1 M6 NOTTINGHAM BOSTON LOCATION TOURISM ● ● LOUGHBOROUGH Plymouth is the largest port City on the south coast of with a current The local council has set out to capitalise on ● NORWICH ● population of 262,000 (ONS2013). In addition to a large commercial and ferry the influx of investment into the City by increasing M42 LEICESTER ● PETERBOROUGH BIRMINGHAM ● port, Plymouth hosts the largest military naval base in Western Europe, stationing both local, national and international visits to the ● A1(M) over 2,500 armed forces personnel and significant manufacturing and engineering City Centre. ‘Plymouth Visitor Plan’ has outlined M6 supporting sectors. The City has just been named as one of eight Freeports their targets by 2030: NORTHAMPTON BURY ST M5 ● CAMBRIDGE EDMUNDS within the UK, which will operate as a Freezone across three different sites. ● ● M1 BEDFORD WORCESTER ● The City is situated approximately 45 miles south west of Exeter, 121 miles south To grow visitor spend by ● MILTON KEYNES M6 ● A1(M) west of Bristol and 216 miles south west of London. Plymouth City Centre is located 30% from £347 million M50 2.8 miles to the south of the A38 Expressway connecting to the M5 at Exeter to £450 million in a decade CHELMSFORD OXFORD ● which leads to Bristol and the wider motorway network. can be accessed ● M25 SWANSEA M48 from the A38 or A30 to the north of Dartmoor which connects Exeter to Cornwall. To increase the total visitor ● M4 M4 numbers by 15% from CARDIFF Plymouth is situated on the South Devon Main Line, a major route from London ● M32 LONDON 5.4 to 6.2 million by 2030 BRISTOLBATH M2 Paddington to , via the . Plymouth Railway ● M25 MAIDSTONE M20 M3 ● Station is on the northern edge of the city centre, approximately a 15 minute M5 M23 FOLKSTONE walk from the property. The station is the second busiest interchange in Devon Make international tourism worth ● £60 million a year spend in the city, M27 providing a wide range of regular regional and Inter-City services operated by ● that’s 65% growth by 2030 SOUTHAMPTON Great Western Rail (GWR) and CrossCountry. The station is undergoing an A3(M) BRIGHTON ● ● extensive £80m refurbishment programme and will be renamed Brunel Plaza. EXETER PORTSMOUTH WEYMOUTH ● PLYMOUTH

TRURO ● PENZANCE FALMOUTH ● ●

SITUATION The property is situated in the vibrant retail and leisure easily accessible by car via New George Street, with hub of Plymouth City Centre with its main entrance ample car parking space available within the courtyard facing onto the pedestrianised New George Street. to the eastern side of the premises. New George Street is a major retail thoroughfare that The University of Plymouth is only 0.4 miles to connects the popular Drake Circus Shopping Centre the north and Plymouth is 0.6 miles to the sundial and Armada Way, resulting in constantly to the north of the property. high levels of footfall to the subject property. Nearby occupiers include Marks & Spencer, The property also benefits from frontage onto Royal Tesco Metro, McDonald’s and Sainsbury’s amongst Parade, which is home to the City’s major bus stops, various other national and local occupiers. providing numerous bus routes. The property is also

ROAD RAIL AIRPORT Exeter 45 miles Exeter 1 hr 15 mins Newquay 45 miles Truro 55 miles Penzance 1 hr 57 mins Exeter 55 miles Bristol 121 miles Bristol 2 hr 10 mins Bristol 112 miles London 216 miles London Paddington 3 hr 25 mins London Gatwick 220 miles

Site outline for identification purposes only. NEW GEORGE STREET PLYMOUTH PL1 1SA

DESCRIPTION The property is situated on a corner site bound by Royal Parade to the south, Bedford Way to the west and New George Street to the north and comprises approximately 159,259 sq ft arranged over basement to four upper floors. The existing building has historically been connected via a link bridge to the adjacent building on the opposite side of Bedford Way, currently occupied by TK Maxx & Tesco Metro at first and second floors, however there is no longer access to the adjacent building. The Link Bridge now forms part of the subject property and was recently used for storage space and a photographer’s studio. The Link Bridge forms part of the demise for the purposes of this sale. The property benefits from well-configured rectangular floorplates offering good levels of natural light owing to the large number of windows on three elevations of the property. The building can be accessed from both New George Street and Royal Parade and occupies almost 100% of the site. The property has been recently vacated by Debenhams and offers an opportunity to repurpose or redevelop the site and form part of the on-going rejuvenation of Plymouth City Centre. The building benefits from a rear courtyard and a goods entrance with a roller shutter door which is connected to the goods lift serving the upper floors. The rear courtyard provides access to the loading area at the rear of the building. Internally, the property has 5 sets of staircases, one in each corner of the building and one in the midpoint of the floor plate. Two passenger lifts serve the basement to third floors.

TENANCY The site will be sold with the benefit of Vacant Possession.

TENURE Virtual Freehold – 999 year lease from 20th December 2007 (985 years unexpired) The Freeholder is the Council of the City of Plymouth.

SITE AREA 0.835 acres (0.34 ha). © Crown Copyright, ES 100004106. For identification purposes only. NEW GEORGE STREET PLYMOUTH PL1 1SA

THE PLYMOUTH PLYMOUTH BECKLEY POINT, SUBJECT THE ARTS THE THE SUNDIAL GUILDHALL TRAIN STATION THE STUDENT HOUSING COMPANY PROPERTY INSTITUTE BOX BARCODE

Site outlines for identification purposes only. NEW GEORGE STREET PLYMOUTH PL1 1SA

TYPICAL FLOORPLAN First Floor

GOODS LIFT

PASSENGER LIFT ROYAL PARADE ROYAL NEW GEORGE STREETNEW GEORGE

BEDFORD WAY

BRIDGE The property provides the following approximate GIA floor areas:

Floor Use Area Area Floor Use Area Area Sq M Sq Ft Sq M Sq Ft

Basement Sales/Ancillary 1,191.8 12,828 Second Sales/Ancillary 3,305.6 35,581

Ground Sales/Ancillary 3,337.0 35,919 Third Sales/Ancillary 2,967.3 31,940

First Sales/Ancillary 3,669.9 39,502 Fourth Ancillary 324.1 3,489

To t a l 14,795.7 159,259

The floor areas above are from a Plowman Craven survey undertaken in 2016. The full survey is available in the dataroom. B3250

NEW GEORGE STREET PLYMOUTH PL1 1SA LIPSON VALE

DEVELOPMENT POTENTIAL A386 There is exceptional appetite from both investors and the local council to rejuvenate Plymouth City Centre and the subject property PLYMOUTH STATION will play a pivotal part in increasing the City Centre’s offering. There is a clear opportunity for a purchaser to re-purpose the site. Plymouth is currently undergoing one of the most major city revamps for generations with projects in the pipeline worth LIPSON £1 billion over the next 10-15 years. The Local Council is heavily investing in a series of regeneration schemes designed to bring more people into the City Centre attract new jobs and build more homes, including affordable and social housing. 16 Some of the major developments that have been completed or are in the plans are below: B3238 B3250 UNIVERSITY OF LOCAL DEVELOPMENT ANALYSIS PLYMOUTH

RECENTLY COMPLETED DEVELOPMENTS B3214 1. Crescent Point 4. Merchant House 7. Sugar Quay 8 • 14 storey tower / 348 student units / • Providing c. 32,000 sq ft of • The new development will offer 7 Completed September 2018 contemporary office space to high to 19 storeys of residential apartments specification, with A374 2. Drake Circus Leisure - The Barcode 8. The Box a vibrant communal area overlooking 15 • 100,000 sq ft leisure scheme, arranged a well-looked after courtyard • £46m museum, art gallery and archive over three levels - 420 car parking spaces 5. Plymouth Cross opened in autumn 2020. Pre-COVID, • 12 screen, 2,143 seats let to Cineworld visitors numbers were anticipated to DRAKE CIRCUS • 13 café, restaurant and bar units arranged • The Plymouth Cross development will be 300k+ SHOPPING CENTRE over ground and lower ground floors, be home to a 110-room Premier Inn and ST JUDE’S including Zizzi, Brewdog, Five Guys, Cosy 500 “high-end” students rooms, which will 5 Club, Nandos and Paradise Island Golf be let by leading student accommodation 14 13 3 11 12 • The scheme completed in October 2019 provider Homes for Students 3. Peirson House Apartments 6. Quadrant Wharf 2 A379 • Peirson House is a contemporary new • Millbay’s transformation is one of the development of 76 one & two-bedroom largest regeneration projects in the apartments located in the heart of south of England, and with £200 million 9 Plymouth on the Hoe being invested 10 4 1 BARBICAN 7

B3240 DEVELOPMENTS IN PIPELINE SUTTON 9. Civic Centre 12. Old Town Street 13. Colin Campbell Court 14. Toys R Us 3 HARBOUR SUBJECT PROPERTY • Former Council offices • Improving connectivity & Western Approach • Part of the Colin Campbell • Grade II listed since 2007 between Drake Circus • LPA Masterplan site Court scheme • 14 storeys, 144 apartments & the Barcode identified for future • Plan for 300 new homes, • 50,000 sq ft offices, shops • Public realm upgrade works development cafes, studios and restaurants & leisure floorspace of Old Town Street and New • Transformation of the • To include a range of 4 • Urban Splash held public George Street to be carried out Western edge and 6 storey buildings consultation in June by Council in Autumn 2021 of the City Centre • Pedestrianisation of Old • Proposed new landmark 15. Mayflower House 6 10. Reel Cinema Town Street and New and larger scale buildings • 490 student bed Art-deco building George Street (east) • Over 50,000 sq ft of retail/ development proposal • PRS scheme - Under leisure accommodation • 22,500 sq ft of office space COXSIDE consultation proposed and A1/A3 space • Additional potential for PLYMOUTH THE HOE 11. House of Fraser 16. Brunel Plaza office, hotel and student SOUND • HoF to downsize to 80,000 sq ft accommodation identified • A public car park is to be • British Land considering • 303 residential units with turned into an £80m public options significant city centre plaza to become known as parking provision Brunel Plaza and improve station facilities NEW GEORGE STREET PLYMOUTH PL1 1SA

USE CLASS CHANGE PLYMOUTH RETAIL / LEISURE The Government has announced radical changes to our planning system, overhauling The property is well located for retail and our current long standing Use Classes Order in favour of increased flexibility leisure purposes and there is potential to create in the hope of revitalising our high streets and towns. The new provisions came smaller retail units in order for local independent into force on 1 September 2020 and will allow significantly greater flexibility to traders to afford the rent and bring a variety of change uses within towns across England without the need to obtain planning occupiers to the City Centre. permission. A new Class E of ‘Commercial Business and Service’ has been created The strength of Drake Circus Shopping Centre to include previously known classes A1 (Shops), A2 (Financial and Professional and the footfall which it attracts, appears to Services), A3 (Café or Restaurant), B1 (Offices), D1 (Health Centres) and D2 (Gyms). This new system will allow landlords, and tenants to a degree, to keep have historically had a positive impact on the pace with our changing retail and leisure market; enabling redundant retail surrounding pitches including New George Street, accommodation to be repurposed into a viable alternative use. Landlords will Cornwall Street and Armada Way. In general, now be able to pick and choose the most valuable use for their property. pitches east of Armada Way have appeared to benefit from stronger retailer demand and lower vacancy rates, with vacancies concentrated towards the western part of the audit area, well away from Drake Circus. (Promis PMA, 2020) The Barcode, an extension to the shopping centre, opened in late 2019 and includes occupiers such as Cineworld, Paradise Island Adventure Golf, Five Guys, Nando’s Brewdog, Cosy Club and Zizzi. This is the primary leisure offering in the City at present. The Cineworld opened in October 2019 at the The Barcode, providing the first IMAX screen in Devon and Cornwall. Everyman are also taking 8,900 sq ft in the Melville Building at Royal William Yard for a 3 screen boutique cinema and there seems to be a positive sentiment from leisure occupiers emerging from the pandemic.

Plymouth

© Crown Copyright, ES 100004106. For identificationExperian Goad Plan purposesCreated: 21/06/2021 only. 50 metres Created By: Allsop Copyright and confidentiality Experian, 2020. © Crown copyright and For more information on our products and services: database rights 2020. OS 100019885 www.experian.co.uk/goad | [email protected] | 0845 601 6011 B3250

NEW GEORGE STREET PLYMOUTH PL1 1SA

STUDENT HOUSING POTENTIAL Plymouth University is the 9th largest in the UK with 23,200 students enrolled and the City is home to a number of other exceptional educational institutions including Plymouth College of Art. The location of the subject property is ideal for student housing accommodation as supported by nearby dormitories below: LIPSON VALE

A386

PLYMOUTH STATION LIPSON

B3238 5 B3250 UNIVERSITY OF PLYMOUTH 2 3 7 B3214 4 6

A374 1 8

POTENTIAL FOR OFFICE SPACE / CO-WORKING SPACE DRAKE CIRCUS SUBJECT PROPERTY Rental growth has been positive across Plymouth in the past five Good Growth for Cities Report, which ranks cities using factors SHOPPING CENTRE ST JUDE’S years, before it stagnated since the beginning of 2020. including employment, health, income and skills. Occupier demand has strengthened in the years prior to the As an example of achieved rents, Jennykate and WebBased both coronavirus outbreak, but in light of the coronavirus pandemic, paid around £14 per sq ft in 2019 for smaller offices in the 2,000 leasing activity weakened since the beginning of 2020. However, – 2,500 sq ft region. A379 rents are forecast to move in the right direction after the dip Given the strength of demand, rents are forecast to move in a positive caused by the pandemic and in fact, Plymouth was ranked as one direction in the upcoming years, although the coronavirus outbreak is of the highest-performing cities in the latest UK by PwC’s likely to affect rental performance in the short-term. (Costar, 2021) BARBICAN

B3240 SUTTON HARBOUR 1. Plymouth College of Art 5. Plymouth University 2. University of Plymouth International College 3. Charles Seale-Hayne Library 6. LINK: University of Plymouth 4. University of Plymouth 7. University of Plymouth Students’ Union Sailing and Powerboat Club 8. Faculty of Business

COXSIDE

PLYMOUTH THE HOE SOUND NEW GEORGE STREET PLYMOUTH PL1 1SA

RATES MITIGATION SCHEME We understand that Debenhams vacated the occupy the property for a 6-week period, in premises on 15th May 2021 however, the lease order to then vacate and trigger a further 3-month has not yet been disclaimed and the rates liability empty rates period for the owner to benefit from. remains with Debenhams. However, in the event This form of occupation can be implemented that the lease is disclaimed, following the 3-months on an ongoing basis of occupation and vacation – empty rates exemption period, the owner will and could provide an annual saving to the owner be liable for the full empty rates liability for of c. £288,000. The above figures the property. have been worked out on hypothetical This liability is c. £460,000 payable per annum and assumptions and interested parties should can be reduced through use of a rates mitigation liaise with our Business Rates team for company. A rates mitigation company physically a personalised savings estimate. NEW GEORGE STREET PLYMOUTH PL1 1SA

EPC PROPOSAL The EPC is available in the data room.

VAT We are instructed to seek offers in excess of£3,500,000 The property is elected for VAT and therefore this will be applicable (Three Million, Five Hundred Thousand Pounds) to the purchase price. subject to contract and exclusive of VAT. This equates ANTI-MONEY-LAUNDERING to a low capital value of £22 psf. A successful bidder will be required to provide information to satisfy the AML requirements when Heads of Terms are agreed.

DATAROOM For access to the Allsop dataroom please use the following link: https://datarooms.allsop.co.uk/register/plymouthdebenhams

For further information or to make arrangements for viewing please contact:

Alex Butler​ Gergo Petrovics Joanne High 07801 219 888 07961 234 029 07525 984 443 01752 261811 [email protected] [email protected] allsop.co.uk [email protected] vickeryholman.com

Misrepresentation Act: 1. Allsop LLP and Vickery Holman on its own behalf and on behalf of the instructing party of this portfolio whose agent Allsop and Vickery Holman is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the instructing party does not make or give, and neither Allsop or Vickery Holman nor any of their members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the instructing party are those contained and expressly referred to in the written contract for sale or agreement for lease between the instructing party and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Vickery Holman is the trading name of Vickery Holman Ltd. Design CommandD www.commandHQ.co.uk 06.21