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Summary
- City centre investment opportunity
- Located in the heart of Plymouth’s prime retailing centre
- £315,000, subject to contract
Location
Plymouth is the largest conurbation in the south west region of England and a major centre with a growing population of some 263,000.
It is located some 72 km (45 miles) south west of Exeter, 87 km (54 miles) east of Truro and 200 km (124 miles) south west of Bristol. It is well connected by road and rail lying at the junction of the A386 and A38, which links to the M5 motorway at Exeter.
Plymouth’s mainline railway station has a journey time to London of just over 3 hours and to Bristol Temple Meads of approximately 2 hours. In addition, the city is an important continental and national sea port.
Plymouth is the south west’s administrative hub and has a diverse economy with a GVA of £5.2 billion and 105,100 jobs (Source: www.visitplymouth.co.uk). Plymouth University is home to 30,000 students and 3,000 staff.
Plymouth is the largest centre for shopping in the South West, outside of Bristol.
Situation
Retailing in Plymouth is principally confined to three streets (New George Street, Cornwall Street and Armada Way) and the Drake Circus Shopping Centre. The city provides an excellent retail offer with major multiple retailers including Primark, Marks & Spencer and House of Fraser all having large stores in the city centre.
The property is located in a prime position on New George Street, between the entrances to Drakes Circus Shopping Centre and Armada Way. Surrounding occupiers include Virgin Media, Trespass, The Body Shop, EE, Halifax, Tesco Metro and McDonald’s.
Drakes Circus Shopping Centre is one of the West Country’s most popular shopping destinations with around 70 shops and restaurants and 1,270 parking spaces. Key occupiers include M&S, Apple, Primark, Next, H&M and Hotel Chocolat. The centre has an annual footfall of around 18 million people (Source: British Land).
In 2019 British Land opened The Barcode, a circa 9,290 sq m (100,000 sq ft) leisure scheme next to the Drakes Circus Shopping Centre including a 12 screen Cineworld cinema, 15 restaurant units and 420 car park spaces. In 2016, British Land acquired the New George Street Estate linking the retail centre with the leisure scheme.
Plymouth Council has committed £27 million to the ‘Better Places’ project which aims to improve the look and feel of the city centre’s main thoroughfares, making it more attractive for shoppers and visitors as well as encourage more inward investment in retail, leisure, employment and housing into the heart of Plymouth. As part of this project, plans have been approved to revamp Old Town Street and the upper end of New George Street with new shops, seating and trees.
A number of major projects are already underway in the City Centre and Waterfront area, including the £200m regeneration of Millbay by English Cities Fund with over £90m already invested in the completion of 400 homes, employment space, a new school, marina and restaurant. A new coach station has been opened, work has started on the new £34 million Box – the city’s new history, arts and culture centre on North Hill, set to open in spring 2020, plus Plymouth Market has undergone a £3.5 million renovation.
Description
The property comprises a retail unit on ground floor which is predominantly open plan with ancillary areas. The first and second floors have been let to a hair/beauty salon.
The ground floor unit is currently unoccupied.
