A commercial building in Plymouth city centre which houses the Grosvenor Casino and Walkabout bar has sold for £4.65m.
Asset management firm Addington Capital said an unnamed private investor had purchased Drake House at Derry’s Cross for the asking price, reflecting a net initial yield of 9.36% and a capital rate of £137 psf.
The three-storey, 33,887 sq ft leisure facility also counts pub chain Marston’s among its tenants, who provide a total passing rent of £463,905 a year.
The building was formerly the home of Chinese buffet restaurant Sizz All before it shut its doors.
Built in 2002, Drake House is situated in Plymouth’s prime retail district, neighbouring Travelodge, Revolution, Bella Italia, Wetherspoons and the Theatre Royal.
The complex has immediate access to a 71-space car park to its rear and the 612 space Theatre Royal multi-storey car park behind Derry’s Cross.
Matthew Allen, principal of Addington Capital said: “We have actively asset managed Drake House since we acquired it in joint venture in February 2016, and we are now at the end of the planned investment cycle. We’ve attracted some well-known household names as tenants and are delighted to receive the full asking price for this property.”
Allsop and C&W advised jointly for the vendor.
Like this story? Why not sign up to get the latest South West business news straight to your inbox.
