Plymouth's Drake's Island is back on the market just five years after it was snapped up for a cool £6million. Morgan Phillips, the current owner of the sprawling 6.4-acre island nestled in the Sound, has decided to sell up and is inviting offers.
The historic and fortified island comes with planning permission for a swanky 43-bed hotel, but estate agents are marketing it as a property with "many potential alternative uses". Mr Phillips, who heads up Plymouth Sound Properties Ltd, purchased the island back in 2019 and has since transformed it into a hub for visits, performances, and even filming. Just 18 months ago, the entrepreneur revealed his ambitious plans to build not one, but two hotels on the island, alongside a museum, a heritage centre, and a well-being centre.
He also expressed a keen interest in collaborating with partners on eco-friendly and marine projects. Back in 2020, he estimated the total cost of developing the island to be somewhere between a hefty £17million and a staggering £22million. This figure included the undisclosed sum he paid for the island, which was initially listed with a guide price of £6million.
However, it seems Mr Phillips is ready to pass the torch. He has now listed the freehold with Ali Rana, the head honcho of national investment at commercial property gurus Carter Jonas, reports Plymouth Live . Mr Rana explained: "Morgan has taken it as far as he can and it is time for someone else to progress the future of the island.
" Carter Jona.
