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Plymouth – Prime City Centre Leisure Investment

Drake House, Derry's Cross, Plymouth PL1 2SW

Offers in excess of £4,650,000

Property Type:
Commercial
Sub Type:
Leisure
Net Initial Yield:
9.36%

Income

£463,905 per annum

Description

  • 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 8.95 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 £4,650,000, 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 9.36% and an attractive capital rate of £137 per sq ft, assuming purchaser’s costs.