NEW GEORGE STREET PL1 1SA - FORMER DEPARTMENT STORE - PRIME CITY CENTRE DEVELOPMENT OPPORTUNITY IN THE HEART OF PLYMOUTH - Allsop
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FORMER
DEPARTMENT STORE
NEW GEORGE STREET
P LY M O U T H
PL1 1SA
PRIME CITY CENTRE DEVELOPMENT OPPORTUNITY IN THE HEART OF PLYMOUTH
ON BEHALF OF
01752 261811
NEW GEORGE STREET
P LY M O U T H
PL1 1SA
IN V ESTM ENT CO NSIDE R ATIO NS P ROP OSA L
■ 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 from exceptional 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
●
NEW GEORGE STREET BLACKPOOL
● M55 M56
LEEDS
●
HULL
P LY M O U T H M61
M62
M1 M180
●
GRIMSBY
PL1 1SA MANCHESTER
M18 ●
LIVERPOOL ●
● M56
SHEFFIELD
●
LINCOLN
●
M1
LOCATION TOURISM
M6 NOTTINGHAM BOSTON
● ●
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 ●
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
NORWIC
●
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
CAMBRIDGE
BURY ST
M5 ● EDMUNDS
within the UK, which will operate as a Freezone across three different sites. ● ●
M1 BEDFORD
The City is situated approximately 45 miles south west of Exeter, 121 miles south To grow visitor spend by WORCESTER
● 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
from the A38 or A30 to the north of Dartmoor which connects Exeter to Cornwall. To increase the total visitor ●
M48
PADDINGTON
M4 M4
Plymouth is situated on the South Devon Main Line, a major route from London numbers by 15% from CARDIFF
M32
LONDON
●
5.4 to 6.2 million by 2030 BRISTOLBATH
Paddington to Penzance, via the Great Western Main Line. Plymouth Railway ● M25
M2
MAIDSTONE M20
Station is on the northern edge of the city centre, approximately a 15 minute M5 M3
M23 ● FOLKSTO
walk from the property. The station is the second busiest interchange in Devon Make international tourism worth ●
providing a wide range of regular regional and Inter-City services operated by £60 million a year spend in the city, M27
Great Western Rail (GWR) and CrossCountry. The station is undergoing an that’s 65% growth by 2030 ●
SOUTHAMPTONA3(M)
BRIGHTON
● ●
PORTSMOUTH
extensive £80m refurbishment programme and will be renamed Brunel Plaza. EXETER
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
P LY M O U T H
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
P LY M O U T H
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
P LY M O U T H
PL1 1SA
TYPICAL FLOORPLAN
First Floor
GOODS
LIFT
PASSENGER LIFT
NEW GEORGE STREET
ROYAL PARADE
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
Total 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.
NEW GEORGE STREET
P LY M O U T H
PL1 1SA
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
£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:
B3250
UNIVERSITY
OF
PLYMOUTH
LOCAL DEVELOPMENT ANALYSIS
RECENTLY COMPLETED DEVELOPMENTS
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 a vibrant communal area overlooking 8. The Box
• 100,000 sq ft leisure scheme, arranged
15
a well-looked after courtyard • £46m museum, art gallery and archive
over three levels - 420 car parking spaces opened in autumn 2020. Pre-COVID,
• 12 screen, 2,143 seats let to Cineworld 5. Plymouth Cross
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
including Zizzi, Brewdog, Five Guys, Cosy 500 “high-end” students rooms, which will
Club, Nandos and Paradise Island Golf be let by leading student accommodation 14 13 5 3 11 12
• The scheme completed in October 2019 provider Homes for Students
3. Peirson House Apartments 6. Quadrant Wharf 2
• 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
& Western Approach SUBJECT PROPERTY
• Former Council offices • Improving connectivity • 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
consultation proposed and A1/A3 space
• Additional potential for PLYMOUTH THE HOE
11. House of Fraser office, hotel and student 16. Brunel Plaza 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
P LY M O U T H
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
Experian Goad Plan Created: 21/06/2021
50 metres © Crown Copyright, ES 100004106. For identification purposes only.
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 | goad.sales@uk.experian.com | 0845 601 6011
NEW GEORGE STREET
P LY M O U T H
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:
A386
PLYMOUTH
STATION
5 B3250
UNIVERSITY
OF
PLYMOUTH
2
3 7
4
6
A374
1
8
POTENTIAL FOR OFFICE SPACE / CO-WORKING SPACE DRAKE CIRCUS
SUBJECT PROPERTY SHOPPING CENTRE
Rental growth has been positive across Plymouth in the past five Good Growth for Cities Report, which ranks cities using factors
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.
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
NEW GEORGE STREET
P LY M O U T H
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
P LY M O U T H
PL1 1SA
EPC
The EPC is available in the data room.
PROPOSAL
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
alex.butler@allsop.co.uk gergo.petrovics@allsop.co.uk allsop.co.uk jhigh@vickeryholman.com 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 06.21You can also read
