{"loaderData":{"0-3":{"propertyListing":{"building":{"id":"759467466151601","summary":"The property is located on the corner of Lockyer Street and Princess Street, a well-established office location within Plymouth city centre. It occupies a prominent position opposite the Council Chambers and the former Civic Centre, which is currently being redeveloped by Plymouth City Council to provide teaching space for City College Plymouth (serving approximately 2,000 students), alongside the creation of 144 residential apartments on the upper floors.\n\nThe Theatre Royal public car park is located directly opposite, with additional pay and display parking available immediately to the front of the property. The central location ensures excellent accessibility via public transport, with numerous bus routes nearby. Plymouth railway station is within a 15-minute walk, providing regular regional and national services, including direct connections to London.\n\nThe property comprises an attractive period building arranged over six floors, including basement storage accommodation. The ground floor restaurant fronts onto Princess Street, whilst the office accommodation is accessed from Lockyer Street.\n\nThere are two separate entrances: one provides self-contained access to GA Solicitors, the ground floor tenant, and the other serves the remainder of the building.\n\nA communal entrance lobby provides lift and stair access to all floors. The second and third floors are configured as three and two office suites respectively, benefitting from shared WC and shower facilities on each...","archived":false,"description":"The property is located on the corner of Lockyer Street and Princess Street, a well-established office location within Plymouth city centre. It occupies a prominent position opposite the Council Chambers and the former Civic Centre, which is currently being redeveloped by Plymouth City Council to provide teaching space for City College Plymouth (serving approximately 2,000 students), alongside the creation of 144 residential apartments on the upper floors.

The Theatre Royal public car park is located directly opposite, with additional pay and display parking available immediately to the front of the property. The central location ensures excellent accessibility via public transport, with numerous bus routes nearby. Plymouth railway station is within a 15-minute walk, providing regular regional and national services, including direct connections to London.

The property comprises an attractive period building arranged over six floors, including basement storage accommodation. The ground floor restaurant fronts onto Princess Street, whilst the office accommodation is accessed from Lockyer Street.

There are two separate entrances: one provides self-contained access to GA Solicitors, the ground floor tenant, and the other serves the remainder of the building.

A communal entrance lobby provides lift and stair access to all floors. The second and third floors are configured as three and two office suites respectively, benefitting from shared WC and shower facilities on each floor. The remaining office floors provide self-contained WC facilities.

The office accommodation benefits from generous floor-to-ceiling heights and large windows, creating bright and airy working environments. The basement is arranged as a number of storage rooms, which are currently let for storage purposes.

The rear car park is accessed from Princess Street via a barrier entry system.

Location

Britain's Ocean City nestles in an Area of Outstanding Natural Beauty with the Dartmoor National Park to the north, whilst the natural harbour of Plymouth Sound creates the southern border with the Rivers Plym and Tamar on either side. Plymouth is renowned for its maritime history, which includes Drake and the Pilgrim Fathers.

The City has excellent road connections with the A38 providing access west to Cornwall and east to the national motorway network at Junction 31 of the M5 Motorway at Exeter. Plymouth's mainline railway station provides regular services to London Paddington of just over three hours. There are also other direct services to Bristol, the Midlands, the North, Scotland and South Wales. Exeter Airport is approximately 50 miles away and Newquay Airport is approximately 45 miles away.

Plymouth is the second largest city on the South Coast of England and after Bristol, the largest in The South West with a resident population of 264,700 (2021 Census). The City has an economic output of £5.03 billion and 115,000 jobs, 13.9% of which are in the manufacturing industry with the national average being 7.9%. The most significant increase in jobs has come in the professional, scientific and technical activities industry, with an increase of 1,500 jobs since 2018. The population in Plymouth is expected to increase to 273,300 by 2043.

The Marine Industry Sector is extremely important in the city with 300 firms employing around 13,600 people, contributing £400million to the local economy. Plymouth University is one of the largest centres for marine excellence in Europe.

Devonport is the largest naval base in Western Europe and has been supporting the Royal Navy since 1691. It is the UK's main location for deep maintenance of surface and submarine vessels and generates around 10% of Plymouth's total employment.

Babcock have recently acquired the former House of Fraser in the city centre and will be refurbishing the building to provide a new Capability Centre, which will see 2,000 members of staff working in the city centre.

Plymouth is one of eight Freeports in the UK and is expected to generate 3,500 new high quality jobs.

Accommodation

All areas are approximate and measured in accordance with the RICS Property Measurement (2nd Edition).

Total: 24,766 sq ft / 2,300.8 sq m

Rent / Price

We are instructed to seek offers of £1,975,000 which reflects a net initial yield of 10.33% assuming purchasers costs of 6.27%

Services

We understand that mains electricity, gas, water and drainage are connected to the property however these services have not been tested by the agents. Interested parties should make their own enquiries

EPC

Awaited.

Legal Fees

Each party to be responsible for their own legal fees in relation to this transaction.

VAT

The property is not elected for VAT.","disclaimer":{"raw":"Disclaimer - Property reference 20918FH. The information displayed about this property comprises a\n property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of\n the advertisement or any linked or associated information, and Rightmove has no control over the\n content. This property advertisement does not constitute property particulars. The information is\n provided and maintained by Vickery Holman, Plymouth. Please contact the selling\n agent or developer directly to obtain any information which may be available under the terms of\n The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations\n 2007 or the Home Report if in relation to a residential property in Scotland.\n"},"transactionType":"SALES","amenities":[],"keyFeatures":["City centre office building with independent restaurant
","Impressive building built in the 1940's
","AWULT of 4.97 years to expiry","Rental income of £218,866 pa

","Potential reversion to £242,966 pa upon letting the vacant suite and car parking spaces
","Low capital value of £80 psf
","Redecoration of the external and internal communal areas recently completed
","Net initial yield - 10.33%
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Vickery Holman is a multi-disciplined property company, the roots of which can be traced back as far as 1848. Today, the consultancy has more than 60 people working in four offices, strategically placed across the South West. Vickery Holman is a limited company, owned by its employees, and is a member of the RICS (Royal Institution of Chartered Surveyors).

Our consultants offer a full spectrum of skills in all areas of property, from all aspects of general practice and building surveying, right through to the management of commercial and residential property. Our specialist areas include dispute resolution, development consultancy, valuation, lease consultancy, business rates negotiations, in addition to commercial sales, lettings and acquisitions.

We deliver commercial property opportunities to a wide range of clients from single tenants to large scale investors. Our tailored, personal service aims to empower all our clients, whether they are new to property or seasoned professionals. We believe communication through personal contact is key to highlight those investment opportunities or potential pitfalls.

Can't find what you are looking for here? Call one of our offices in your area to speak to our experts who can identify with your property requirements and guide you through the process to find the right option for you.

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