Addington Capital has sold Drake House, Derry’s Cross, Plymouth PL1 to a private investor for the asking price of €5.4m (£4.6m). Drake House is a 33,887ft² prime leisure investment located within Plymouth city centre and is fully income producing to strong covenants, with tenants including national and well-regarded brands such as Grosvenor Casinos,Walkabout and Marston’s who provide a passing rent of €543,204 (£463,905) pa.
The building is a modern build, constructed in 2002 and located on the prime leisure circuit in Plymouth. The surrounding area is undergoing a major transformation with many commercial, student and residential developments under construction or recently completed. The building also has immediate access to significant local car parking, 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.
Matthew Allen, Principal of Addington Capital said: “We have actively asset managed Drake House since we acquired it in joint venture in February 2016, and we are now at the end of the planned investment cycle. We’ve attracted some well-known household names as tenants and are delighted to receive the full asking price for this property.”
