Drake House Derry’S Cross, Plymouth Pl1 2Sw

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Drake House Derry’S Cross, Plymouth Pl1 2Sw DRAKE HOUSE DERRY’S CROSS, PLYMOUTH PL1 2SW PRIME CITY CENTRE LEISURE INVESTMENT FULLY INCOME PRODUCING TO STRONG COVENANTS FOR 10.62 YEARS DRAKE HOUSE DERRY’S CROSS, PLYMOUTH, PL1 2SW DRAKE HOUSE 13 14 3 12 6 11 7 5 4 10 8 9 1 2 1. Drake Circus Leisure Scheme 6. Crescent Point Student Residences 11. Western Approach Development 2. Beckley Point 7. Derrys Cross Leisure 12. Plymouth Pavilions Arena/Ice Rink 3. The Hoe 8. Plymouth Cross House 13. Millbay Pier 4. Civic Centre Development 9. Plymouth Coach Station 14. 1620 Hotel Development 5. Theatre Royal Plymouth 10. Colin Campbell Court Development Outline for indicative purposes only. DRAKE HOUSE DERRY’S CROSS, PLYMOUTH, PL1 2SW PRIME CITY CENTRE LEISURE INVESTMENT INVESTMENT CONSIDERATIONS ■ Exceptionally prominent city centre leisure investment totalling 33,887 sq ft ■ Highly visible and modern building, constructed in 2002, located in the prime leisure circuit ■ Primary Retail Population of 458,000 (Source PROMIS) ■ Let to national and well-regarded brands including Grosvenor Casinos, Walkabout and Marston’s ■ Neighbouring occupiers include Travelodge, Revolution, Wildwood, Bella Italia, Wetherspoons and Theatre Royal ■ Rent passing of £463,905 per annum, reflecting £13.69 per sq ft overall ■ Attractive WAULT of 10.62 years to earliest determination ■ Immediate access to significant local car parking provision, including a 71 space car park to the rear of the property and the 612 space Theatre Royal multi-storey car park behind Derry’s Cross ■ The surrounding area is undergoing a major transformation with a large number of commercial, student and residential developments under construction or recently completed ■ We are instructed to seek offers in excess of £5,450,000 (Five Million, Four Hundred and Fifty Thousand Pounds), for our client’s freehold interest, subject to contract and exclusive of VAT. ■ A purchase at this level would reflect a Net Initial Yield of 8.00% and an attractive capital rate of £161 per sq ft, assuming purchasers costs of 6.61%. PLYMOUTH IS THE SECOND LARGEST CITY IN THE SOUTH WEST PRIME CITY CENTRE LEISURE INVESTMENT LOCATION Plymouth is the second largest city in the Plymouth city centre is located 2.8 miles to the Plymouth Railway Station is on the northern South West and is widely renowned for its south of the A38 Devon Expressway connecting edge of the city centre, approximately a 15 maritime history and its association with being the M5 at Exeter to the north east with Cornwall minute walk from the property. The station an international seaport. The city is situated via the A390 & A30 arterial roads. is the second busiest interchange in Devon approximately 45 miles south west of Exeter, Plymouth is situated on the South Devon Main providing a wide range of regular regional 112 miles south west of Bristol and 220 miles Line, a major route from London Paddington and Inter-City services operated by Great south west of London. to Penzance, via the Great Western Main Line. Western Rail (GWR) and CrossCountry. A1(M) YORK ● LEEDS BLACKPOOL ● ● M55 M56 HULL ● M62 M61 GRIMSBY M1 M180 M18 ● MANCHESTER LIVERPOOL ● ● M56 SHEFFIELD ● LINCOLN ● M1 M6 NOTTINGHAM BOSTON ● ● LOUGHBOROUGH ● NORWICH ● M42 LEICESTER ● PETERBOROUGH BIRMINGHAM ● ● A1(M) M6 300 NORTHAMPTON BURY ST M5 ● CAMBRIDGE EDMUNDS miles ● ● M1 BEDFORD WORCESTER ● ● MILTON KEYNES M6 M50 ● A1(M) CHELMSFORD OXFORD 200 miles● ● M25 SWANSEA M48 ● PADDINGTON M4 M4 CARDIFF ● M32 LONDON BRISTOL BATH M2 ● M25 MAIDSTONE M20 M3 ● M5 M23 FOLKSTONE 100 miles ● M27 ● SOUTHAMPTON A3(M) BRIGHTON ● ● EXETER PORTSMOUTH WEYMOUTH ● PLYMOUTH TRURO ● PENZANCE FALMOUTH ● ● ROAD RAIL AIRPORT Exeter 45 miles Exeter 55 mins Newquay 45 miles Truro 55 miles Penzance 1hr 48 mins Exeter 55 miles Bristol 112 miles Bristol Temple Meads 1hr 51 mins Bristol 112 miles London 220 miles London Paddington 3hr 07 mins London Gatwick 220 miles B3250 DRAKE HOUSE DERRY’S CROSS, PLYMOUTH, PL1 2SW PRIME CITY CENTRE LEISURE INVESTMENT PLYMOUTH LIPSON VALE A386 PLYMOUTH B3250 STATION LIPSON B3238 UNIVERSITY B3214 A374 DRAKE HOUSE RETAIL ST JUDE’S A379 LEISURE WATERFRONT B3240 BARBICAN SUTTON HARBOUR BARBICAN THE HOE LEISURE PARK MILLBAY TOURIST AREA WEST HOE COXSIDE PLYMOUTH Plymouth is the largest port city “Britain’s Ocean City” on the in the UK with 23,200 students enrolled. Plymouth’s and House of Fraser. Drake Circus and The Armada Centre south coast of England with a population of 259,200 (ONS dominance within the south west has resulted in very provide a combined 735,000 sq ft of retail and leisure 2013), making it the 15th largest city by population in the UK. little competition from surrounding retail centres and the accommodation. In addition to a large commercial and ferry port, Plymouth city has seen a number of new retailers opening stores, Drake Circus is the prime destination with an annual footfall hosts the largest military naval base in Western Europe, including Jack Wills, Joules and White Stuff. City centre of around 17 million shoppers, providing 560,000 sq ft, stationing over 2,500 armed forces personnel and significant retail floorspace in Plymouth is estimated at 1.55 million sq anchored by Primark (66,000 sq ft) and Marks & Spencer manufacturing and engineering supporting sectors. ft, provided by two covered shopping centres and numerous (124,000 sq ft), with amble car parking. Additionally, Plymouth Science Park is the region’s largest science and high street shops situated on New George Street, Old Town The Armada Centre, comprises 175,000 sq ft of retail technology park with over 140,000 sq ft of office and Street, Cornwall Street and Armada Way. There are also accommodation, with occupiers including Wilkinson, laboratory space. Plymouth University is the 9th largest three department stores; Marks & Spencer, Debenhams Peacocks, Laura Ashley and Sainsbury’s. DRAKE HOUSE DERRY’S CROSS, PLYMOUTH, PL1 2SW PRIME CITY CENTRE LEISURE INVESTMENT 5 4 3 SITUATION 1 6 The property is prominently located in of leisure floorspace including a 96 the city centre’s main leisure pitch, on bedroom Travelodge, The Gym, Bella the south western edge of Plymouth Italia, Revolution Bar and Wildwood. city centre, with frontage onto Derry’s The property benefits from immediate Cross roundabout. access to significant local car parking The unit occupies a highly visible provision, including a 71 space car park pitch on one of Plymouth’s busiest to the rear of the property at Derry’s thoroughfares from Union Street to Cross Car Park. There are a further 612 the main city centre retailing provision spaces in the multi-storey car park 7 to the north east, also capturing footfall adjacent to the Theatre Royal. 10 from Theatre Royal and Plymouth Local transport links are excellent with DRAKE HOUSE Pump Rooms. numerous local bus services available The property is adjacent to a number on Union Street, Derry’s Cross and 8 of national leisure occupiers in the Royal Parade. Plymouth Railway neighbouring purpose-built Derry’s Station is situated a 15 minute walk Cross scheme, comprising 85,711 sq ft to the north. 2 1 Western Approach Development 5 Plymouth Coach Station 9 Crescent Point 2 Plymouth Pavilions Arena/Ice Rink 6 Plymouth Cross House Student Residences 3 Colin Campbell Court Development 7 Theatre Royal Plymouth 10 Civic Centre 9 4 Plymouth Market 8 Derrys Cross Leisure Scheme Development Blue Line - Freehold Title Boundary DRAKE HOUSE DERRY’S CROSS, PLYMOUTH, PL1 2SW Due to the sensitivity of the tenant’s operations, all members of the public vacated the building for photography. DESCRIPTION The property comprises a modern three storey building floor and roof decks. Given the sloping nature of the constructed in 2002, providing leisure accommodation site, ground floor areas to the rear are below ground on the ground and two upper floors. The ground floor level and are formed with a concrete retaining wall. includes two popular bar/restaurant units as well Internally the units have been fitted out by the tenants as the entrance to the casino. The two upper floors to suit their occupational requirements; including a accommodate the casino on the first floor and staff/ casino fit out at first floor and a restaurant and pub at ancillary provision on the second floor. ground floor. Servicing is via the rear of the property, The property is of steel frame construction which accessed from Derry’s Cross. supports composite profiled metal and cast concrete DRAKE HOUSE DERRY’S CROSS, PLYMOUTH, PL1 2SW PRIME CITY CENTRE LEISURE INVESTMENT Due to the sensitivity of the tenant’s operations, all members of the public vacated the building for photography ACCOMMODATION & TENANCIES UNIT TENANT NAME DEMISE GIA AREA GIA AREA LEASE LEASE RENT RENTAL RENT COMMENTS (SQ FT) (SQ M) START EXPIRY REVIEW (£ PA) (PER SQ FT) Unit 1 Marston’s Estates Ltd GF Restaurant 6,605 613.6 25/03/2003 24/03/2028 25/03/2023 £125,000 £18.93 Lease assigned from Eldridge Pope & Co to Marston’s Estates Limited (Sub-let to San Shui Ltd) on the 9th October 2019, in exchange for an 8.5 month rent free [t/a Sizz All] period and 3.5 month landlord capital contribution. The vendor Mezzanine 4,388* 407.7* to top up the outstanding rent free. The unit is underlet to San Shui Ltd (t/a Sizz All) until 24 March 2028. Sub-Total 6,605 613.6 *Mezzanine is part of tenant fit out. Unit 2 Stonegate GF Bar 8,214 763.1 25/03/2003 24/03/2038 25/03/2023 £115,000 £14.00 Lease assigned from Intertain (Bars) Ltd to Stonegate Pub Company, Pub Company Ltd 25/03/2028 in exchange for an 18 month rent free period (commencing 19th July [t/a Walkabout] 25/03/2033 2019).
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