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Plymouth Pl1 1Sa FORMER DEPARTMENT STORE NEW GEORGE STREET PLYMOUTH 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 England 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 Devon Expressway connecting to the M5 at Exeter to £450 million in a decade CHELMSFORD OXFORD ● which leads to Bristol and the wider motorway network. Cornwall 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 ● PADDINGTON 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 Penzance, via the Great Western Main Line. 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 Train Station 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 STREET 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.
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