Acting jointly on behalf of The Angel Foundation (GOD TV), Colliers International and local property consultants Listers have sold Drakes Hill Court in Plymouth to R Tincknell & Son Ltd.
The acquisition, for an undisclosed price, includes a sale and leaseback agreement for one of the three buildings to The Angel Foundation, and lease to Plymouth City Council’s Museum and Libraries Services, which occupies the 37,000 sq ft annexe building at the rear of the 3.2-acre site.
The Angel Foundation has taken a 10-year lease on the whole of the West Wing building and part of the East Wing, demonstrating their long term commitment to Plymouth for their headquarters.
, senior surveyor in the Industrial & Logistics team at Colliers International, said: “Drakes Hill Court provided a slightly unusual offering which was of interest to a variety of end users. However the favourable rental income, enhanced through the sale and leaseback agreement, provided a great opportunity for Tincknells, which were looking at this as an investment.”
The building offers R Tincknell & Son Ltd - which has a property division in addition to country stores and storage facilities - the opportunity to add value, by letting the remaining 35,000 sq ft, mostly vacant, East Wing.
Drakes Hill Court, situated in Honicknowle, to the north east of Plymouth city centre, was purchased by GOD TV about four years ago for use as offices and a TV studio and was brought to the market after the majority of the space became surplus to requirements. It was previously used for document storage by the Land Registry.