Gill Akaster House, 25 Lockyer Street, Plymouth, Devon, PL1 2QW
£1,975,000
£79.75 per sq ft
Business rates & charges may apply
- SIZE AVAILABLE
24,766 sq ft
2,301 sq m
- SECTOR
Commercial property for sale
Key features
- 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%
Description
The property is located on the corner of Lockyer Street and Princess Street, a well-established o?ce 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 ?oors.
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 ?oors, including basement storage accommodation. The ground ?oor restaurant fronts onto Princess Street, whilst the o?ce accommodation is accessed from Lockyer Street.
There are two separate entrances: one provides self-contained access to GA Solicitors, the ground ?oor tenant, and the other serves the remainder of the building.
A communal entrance lobby provides lift and stair access to all ?oors. The second and third ?oors are con?gured as three and two o?ce suites respectively, bene?tting from shared WC and shower facilities on each ?oor. The remaining o?ce ?oors provide self-contained WC facilities.
The o?ce accommodation bene?ts from generous ?oor-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.
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 ?oors, including basement storage accommodation. The ground ?oor restaurant fronts onto Princess Street, whilst the o?ce accommodation is accessed from Lockyer Street.
There are two separate entrances: one provides self-contained access to GA Solicitors, the ground ?oor tenant, and the other serves the remainder of the building.
A communal entrance lobby provides lift and stair access to all ?oors. The second and third ?oors are con?gured as three and two o?ce suites respectively, bene?tting from shared WC and shower facilities on each ?oor. The remaining o?ce ?oors provide self-contained WC facilities.
The o?ce accommodation bene?ts from generous ?oor-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.
Brochures
Gill Akaster House, 25 Lockyer Street, Plymouth, Devon, PL1 2QW
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Plymouth Station0.6 miles
- Devonport Station1.4 miles
- Dockyard Station1.7 miles
Notes
These notes are private, only you can see them.
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