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AGENT'S DETAILS


Mayflower House, 178 Armada Way, Plymouth, Devon

For sale: POA|0.33 Acres|Other, Other Property Types & Opportunities

PROPERTY DETAILS

FOR SALEPOA
SIZE0.33 Acres
ADDRESSMayflower House, 178 Armada Way, Plymouth, Devon
TYPEOther, Other Property Types & Opportunities
TENUREDevelopment Opportunity, For Sale Freehold
POSTED ON26th December 2020

DESCRIPTION

Plymouth is the largest City in Devon and Cornwall and one of the largest regional centres in the South West with a residential population of approximately 250,000 inhabitants, which is projected to rise within the next 10 years to approximately 300,000. Plymouth is based on the border with Cornwall in the picturesque County of Devon and is easily accessible, with the main A38 running through the heart of the City, west into Cornwall over the Tamar Bridge and east to the M5 motorway at Exeter, Bristol and beyond.

The property is located on Mayflower Street within Plymouth City Centre and also benefits from frontage to Armada Way which is one of the main pedestrian thoroughfares in the City Centre. The site is diagonally opposite the Armada Shopping Centre, The Copthorne Hotel and benefits from a number of pay and display car parks close by, one of which is directly to the rear of the building. The building is located some 600m from Plymouth University.

The property was granted planning permission on the 22/04/2016 for demolition of the existing building and erection of an 18 storey building comprising 490 student bedrooms and associated facilities, 2,381 m2 of office accommodation and 793 m2 of retail accommodation (Use A1/A3).

The proposed development will comprise of a purpose built student scheme, providing in total 490 bedrooms, arranged as 52 clusters and 78 studios.The scheme will also comprise communal facilities being; Reception, Laundry room, Staff room and external bike store and paved areas.

The property currently comprises an existing office and retail building that was due to be demolished as part of consented proposed redevelopment.


The S.106 agreement documents that an obligation to pay £217,589 as an infrastructure contribution, The Council of the City of Plymouth and M Baker (South West) Limited and Guildhouse (UK) limited and Lloyds Bank Plc. The agreement sets out the contributions payable toward addressing the cumulative impacts of the development on both local and strategic infrastructure which totals £217,589.00 (two hundred and seventeen thousand five hundred and eighty nine pounds). The owner shall pay 50% (£108,795) on commencement of construction works and the other 50% on occupation of the first student unit.

We have measured the site using a digital mapping service and understand it extends in the region of 0.133 hectares (0.328 acres).

The Property is subject to a lease agreement dated 4 September 2013 and was granted for a term of 125 years from 4 September 2013. The current rent is £39,032 plus VAT per annum. The lease is not contracted out of the security of tenure provisions set of Part II of the Landlord and Tenant Act 1954.

Following completion of the development the rent will be as follows:

10% of the "Commercial Occupational Rents"; and
10% of the "Market Rent" in respect of the vacant elements occupied by the tenant (not applying to the communal areas); and 2% of the "Residential Occupational Rents" increased to 3% after 5 years.

Subject to a minimum rent of £100,000 + VAT per annum.The landlord is The Council of the City of Plymouth (which is the registered proprietor of the freehold interest in the Property under title numbers DN533631 and DN561798).

The lease agreement also contains the following key provisions:

The assignment and subletting is permitted subject to the lease being under 14 years of term. Should the Tenant assign or sublet any parts a registration fee of £50 is payable to the Landlord.

The Property is located at the Junction of Armada Way and Mayflower Street, occupying a prominent corner position, close to the university.

The Property is situated on the North side of Plymouths city centre, a short walk from its prime retail pitch on New George Street and the Drakes Circus shopping centre.

The Property is located well for its proposed use. Although a secondary retail location, the Property is situated within close proximity to Plymouths University and two other large student accommodation block; Beckley Court and Discovery Heights.

Drakes Circus shopping centre is the principle retail location with anchors being Marks and Spencer, Next, Primark and Boots. Occupiers within the immediate vicinity of the property are generally of secondary and tertiary nature and subject to primarily local occupiers.

Plymouth's railway station is set to undergo large scale refurbishment works, giving visitors an improved service. Plans include a landmark building, new shops, office space, and the multi-storey car park being relocated to allow for its current site to become a public space.

Plymouth benefits from two universities: Plymouth University and The University of St Mark and St John. Plymouth University is situated circa 0.5 km (0.3 miles) from the property, whereas, The University of St Mark and St John is some 7 km (4.5 mile) north. The property is therefore considered suitably located for its proposed use.

It is understood that all mains services are available to the Property, although we have not made any enquiries of the respective service supply companies.

The property was granted planning permission on the 22/04/2016 for demolition of the existing building and erection of an 18 storey building comprising 490 student bedrooms and associated facilities, 2,381 m2 of office accommodation and 793 m2 of retail accommodation (Use A1/A3).

The proposed development will comprise of a purpose built student scheme, providing in total 490 bedrooms, arranged as 52 clusters and 78 studios.

The scheme will also comprise communal facilities being; Reception, Laundry room, Staff room and external bike store and paved areas.

To sell the long ground lease interest - The Property is subject to a lease agreement dated 4 September 2013 and was granted for a term of 125 years from 4 September 2013. The current rent is £39,032 plus VAT per annum. The lease is not contracted out of the security of tenure provisions set of Part II of the Landlord and Tenant Act 195.

PRICE ON APPLICATION

MAJOR DEVELOPMENT OPPORTUNITY

CITY CENTRE LOCATION

CONSENTED SCHEME FOR MIXED USE DEVELOPMENT

CLOSE TO UNIVERSITY AND MAIN RAILWAY LINKS
( Agency Pilot Software Ref: 5224 )

LOCATION

Location: Mayflower House, 178 Armada Way, Plymouth, Devon

Plymouth (0.3 miles)

Devonport (1.3 miles)

Dockyard (1.6 miles)

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