South West commercial property specialist Vickery Holman reports a number of big deals in Plymouth during the first six months of the year as the market continues to improve.
Perhaps the most documented property sale of the year for the firm was that of The Ship on Brest Road, which was purchased by local developer Burrington Estates.
Other sales include Tamar House and the Royal Building at St Andrew’s Cross. Both buildings provide retail space on the ground floor and vacant office space on the upper floors, which are currently being converted into student accommodation.
Investment specialist Mike Oldrieve at Vickery Holman points out that although the recent spurt of activity in the Plymouth commercial market has reduced the chance of grabbing a bargain, there are still plenty of opportunities for developers seeking a challenge.
He says; “The spotlight still remains on St Andrews Court, a 30,000 sq ft office building, in a prominent location close to the Barbican which is available freehold with vacant possession at offers over £2 million.
“Available again due to abortive negotiations, the building provides an excellent opportunity to create a newly refurbished multi-let office investment.”
In the industrial market, the former St Ives Printing Factory at Langage was sold to Applied Automation (UK) Ltd, providing the firm with 140,000 sq ft of workspace.
In addition, increased industrial take-up over the past 18 months has spurred the developers of Langage Energy Park to remind occupiers that they have a site capable of accommodating up to 1.4 million sq ft of space suitable for industrial warehousing and other uses.
Mr Oldrieve continues; “We have picked up a large number of warehouse and distribution requirements over the past 12 months and we look forward to the prospect of development at Langage in the near future. Our client LEPL is also considering the feasibility of a speculative industrial/warehouse scheme providing units from 5-50,000 sq ft”.
Developers have also returned to the market, illustrated by the £850,000 auction sale of Sherwell House surpassing all expectations. The building, opposite Plymouth University, will now be converted into student flats by the new owners. However there appears to be no chance of any significant development in the city centre in the foreseeable future, something Mr Oldrieve says Plymouth is crying out for.
Story: Kirsten Kennedy
Photo: Bigstock
