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Investment Sale of Tamar House

Tamar House, one of Plymouth’s most recognisable buildings has been sold by property consultants Vickery Holman. 

Situated on the corner of Old Town Street and St Andrew’s cross roundabout, the building houses Plymouth’s main Post Office, RBS and The Skipton Building Society on the ground floor with RBS also occupying the offices on the first floor with the second and third floors vacant. 

The building currently produces a total gross income of £335,000 per annum, with all the ground floor leases only having a couple of years left to run. The upper floors have Planning Consent for conversion to 40 student units.   

The tenure is leasehold for a term of 125 years from Plymouth City Council from the 24 September 1980.

Acting on behalf of Gervas Properties Limited, Vickery Holman achieved a sale in the region of £3million which equates to a net initial return of 9.55% less normal purchaser’s costs of 5.8% and having made an allowance of £200,000 for the vacant upper floors.

Vickery Holman Director Mike Oldrieve comments “we started marketing Tamar House during the recession, so we are delighted to have eventually got it over the line.  We believe this shows the improvement in the Plymouth market as the economy improves.  The property is in a great location and whilst the ground floor shop leases only have a few years to run, this location will always be in demand.

Attention now turns to St Andrews Court close by where we also have instructions to sell the long leasehold interest in 28,000 sq. ft. of offices which is another great opportunity for developers or investors with an eye to an opportunity to refurbish the offices or consider a residential conversion.

The property has been acquired by private investors who were represented by Monk and Partners.  John Slade of Monk and Partners comments “This transaction demonstrates the current demand for student accommodation particularly in the city centre and coupled with the strong retail tenants on the ground floor provides a solid property investment for our client.  Furthermore, the property has potential to develop the first floor and to construct additional floors for further student provision.”

Clever Student Lets Chief Executive, Henry Hutchings said, “We are absolutely delighted this site will be made available for a high quality student accommodation development which further highlights the transformation and vibrancy of Plymouth’s City Centre where people are at its beating heart again.”

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