Following the recent sale of 7 adjacent properties in Raleigh Street and New George Street, Plymouth to the City Council on behalf of a syndicate of private investors, Monk & Partners have now completed the sale of the syndicate’s last remaining long leasehold holding in the block being the former Lloyds Bank premises at 3-9 Raleigh Street.
Lloyds Bank vacated the unit about 3 years ago following the expiry of their lease having been in the premises for a substantial number of years.
The vendors explored a number of alternative use options for the site including a complete redevelopment of the site for hotel with retail at ground level, and similarly residential and retail uses all of which faltered for one reason or another.
It is the intention of Plymouth City Council to include the property within their planned redevelopment proposals of the Colin Campbell Scheme which includes the subject property and the rest of the units acquired previously.
Since the Councils acquisition of the block, Monk & Partners have managed to let all of the units on temporary leases with redevelopment breaks incorporated within them.
John Slade comments “The regeneration of this part of the west end of the City is long overdue and when completed will provide a welcome lift to this part of the shopping thoroughfare alongside the adjacent Plymouth Cross development of the former Derry’s/Plymouth Co-Op department store block already reconfigured as a mixed block of retail, leisure, hotel and student accommodation uses.
