Derrys Cross Plymouth, PL1 1HA

In an off market deal, Thames Bank have exchanged contracts, subject to planning, to buy an exciting 300,000 sq ft mixed use scheme in the heart of Plymouth.

Thames Bank intend to develop the site to provide a hotel, student & retail accommodation.

The building has 60,000 sq ft of retail space of which 30,000 sq ft is already let. A key part of the development will be to provide an additional 30,000 sq ft of ground floor retail, which will appeal in particular to restaurant, coffee shop, convenience store and budget retailers.

The retail space will benefit considerably from having 600 student / hotel occupiers on site

The development will comprise 500 rooms of student accommodation in addition to a 100 room budget hotel.

Further to extensive pre application discussions with Plymouth City Council, a planning application will be submitted shortly.

Our intention, in an agreed timetable with the City Council, is to obtain planning permission for the entire scheme at the development committee meeting in early 2016.

Practical Completion will be by September 2017.

Opportunity to lease restaurant/ retail units up to 30,000 sq ft in an exciting mixed use development in the heart of Plymouth.

Plymouth Derrys is situated in a prominent position on New George St, Plymouth’s main retailing thoroughfare in the heart of the City Centre. The City of Plymouth is the largest conurbation in the South West of England in terms of employment and population. Plymouth is recognised as one of the largest retail centres in the South West. Along with other similar locations in the UK, the retail market has gone through significant change. The opening of the nearby Drakes Centre, combined with increasing out of town demand has put pressure on traditional city centre trading locations. However recently, demand for central properties has increased, led by A3 occupiers, convenience stores and discount led operators. In addition having 600 occupiers on-site will greatly enhance the marketability of the retail space.