Historic South West island is up for sale with plans for hotel and more
Drake's Island in Plymouth is back on the market, a mere five years after it was purchased for £6m. The current owner of the 6.4-acre island, Morgan Phillips, has decided to put it up for sale and is inviting offers.
The historic and fortified island comes with planning permission for a 43-bed hotel, but it is being advertised as having "many potential alternative uses". Morgan Phillips, who is the managing director of Plymouth Sound Properties Ltd, acquired the island in 2019 and has since opened it up for visits, performances and even filming.
Just a year and a half ago, he expressed plans to construct two hotels, a museum, heritage centre, and a wellbeing centre on the island, and collaborate with partners on environmental and marine projects. In 2020, he estimated the total cost of the island's development to be between £17m and £22m, which includes the undisclosed purchase price of the island that had a guide price of £6m.
However, the freehold is now on the market, with Ali Rana, head of national investment at commercial property marketer Carter Jonas, stating: "Morgan has taken it as far as he can and it is time for someone else to progress the future of the island."