Drake’s Island, the iconic Plymouth landmark, is back on the market a mere five years after its last sale for a hefty £6million. The current owner, Morgan Phillips of Plymouth Sound Properties Ltd, is ready to part with the 6.4-acre island and is inviting prospective buyers to make their offers.
This historic island, complete with fortifications and approved plans for a luxury 43-bed hotel, is being touted as a site with “many potential alternative uses”. Phillips, who took ownership in 2019, has since opened the island for various activities including tours, events, and even film shoots.
Ambitious plans were unveiled by Phillips just 18 months ago, which included the development of not one, but two hotels, alongside a museum, heritage centre, and facilities dedicated to wellness. He also envisioned collaborations on environmental and marine initiatives.
Back in 2020, he estimated the total investment for the island’s development to be between £17million and £22million, factoring in the purchase price, which was initially guided at £6million.
In related news, there’s a proposal to transform a significant portion of the city centre into a 20mph zone, complete with speed cameras, while controversy brews over plans to demolish buildings of naval heritage in Devonport, reports Plymouth Live.
However, Phillips has decided it’s time to pass the baton, placing the freehold on the market. Ali Rana, head of national investment at Carter Jonas, remarked: “Morgan has taken it as far as he can and it is time for someone else to progress the future of the island.”
Carter Jonas has put a unique proposition on the market, describing it as an “extremely rare opportunity to purchase a consented development site off the coast of Plymouth”. The island is steeped in history, with its array of abandoned military fortifications and living quarters that date back centuries, initially established to protect against French and Spanish invasions.
Its military role came to an end following World War Two.
Visitors can access the island via a jetty, which connects to a small beach on the northern side. A set of stairs from the jetty ascends to an elevated fortified zone.
On the northwest side of the island lies another beach, composed of volcanic tuff, lava, and marine limestone. Drake’s Island boasts over 400 years of fortification history, with a diverse range of structures including batteries and ammunition stores scattered across its landscape.
In recent times, Drake’s Island has been utilised for various activities such as guided and private tours, film shoots, adventure days, and even theatre productions, generating a substantial gross income of around £590,000 in 2023. The tours offered encompass a look into the island’s rich heritage and historical buildings; they also highlight the island’s status as a wildlife reserve, home to protected species like the “little egrets”, as well as bees, butterflies, insects, and other mammals.
Drake’s Island, in partnership with the National Marine Aquarium and Plymouth Sound National Marine Park, is devoted to protecting, preserving and educating about the marine life surrounding this marine conservation area. Their plans are for a heritage-focused revitalisation that aligns with the historical and natural traits of the site, which includes constructing a new hotel, visitor amenities, and facilities for marine environment-related research and development.
A brochure from Carter Jonas stated: “The plans are centred around our committed desire to regenerate Drake’s Island and inject a new lease of life into the existing historic buildings. The beauty and heritage of the resort lends itself to a best-in-class development to take full advantage of its outstanding position.
“The Island benefits from extant planning consent, granted in 2020, for redevelopment for hotel use, subject to a variety of planning conditions and Section 106 obligation. Specifically, the proposal was for a 43-room hotel development including conversion of Grade II listed Island House, Barracks and Ablutions Blocks, Scheduled Ancient Monument casemated battery and landscaping, refurbishment of jetty and infrastructure works.”