The island is currently going for offers in excess of £2 million in what has been described as a ‘exceptionally rare’ opportunity
Anyone with a spare £2,000,000 could be the lucky owner of Plymouth’s historic Drake’s Island as it has been put on the market.
The Plymouth Sound landmark has been advertised by London-based estate agent Carter Jonas as having “the potential to produce tourist generated income through several different streams”, including planning permission for a 43-bed hotel conversion.
Carter Jonas has been instructed by Kirker & Co, receivers of the island’s current owner Morgan Phillips’ company Plymouth Sound Properties Ltd, to sell the landmark with offers in excess of £2 million.
The island was named after Sir Francis Drake as it’s where he started his journey to circumnavigate the world in 1577, returning three years later to become governor of the island by Elizabeth I.
It was then fortified to protect Plymouth to withstand the threats from Spain and France, a role which continued right up until World War II as the island was handed back to the Duchy of Cornwall from the Ministry of Defence in the 1960s.
This means the island is fit with various fortifications, ranging from battery’s to ammunition stores.
As well as Drake, Captain J. Cook and Charles Darwin departed from the island for their own adventures across the seas.
Carter Jonas is offering the freehold interest for a 6.4 acre development opportunity on the fortified military island, with full vacant possession on offer.
The brochure states the island previously supported a “guided tours, private tours, on-site location filming, adventure days and theatre performances” which generated a gross income of £590,000 in 2023.
“The island’s unique combination of heritage assets, natural environment and distinctive setting provides strong potential for tourism, education, leisure, events and commercial activities.”
Ali Rana, head of national investment at Carter Jonas, said that the sale of the island offered investors an “exceptional platform to create a truly landmark destination.”
“Drake’s Island is one of the most remarkable development and regeneration opportunities to come to the UK market in recent years. With planning consent already secured for a hotel and a setting shaped by centuries of history, it offers investors an exceptional platform to create a truly landmark destination.
“Opportunities to acquire an entire private island are exceptionally rare, and rarer still one that lies just minutes from the mainland, combines more than 400 years of history with over 30,000 sq ft of historic buildings, and offers the potential to create one of Britain’s most extraordinary private homes. We expect interest from UK and international investors, hoteliers and private buyers alike.”
The island was last sold for £6 million to Mr Phillips who “purchased this historic island in 2019 with ambitious plans,” he said in 2024. “Being the steward of this amazing landscape has been one of the great joys of my life.
“I hope to pass on the baton to someone passionate about the island’s surroundings and can realise its potential, and I would cherish the prospect of seeing these ambitions realised.”
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