Plymouth landmark Tamar House sold

Tamar House, one of Plymouth’s most recognisable buildings has been sold by property consultants Vickery Holman.

Situated on the corner of Old Town Street and St Andrew’s cross roundabout, the building houses Plymouth’s main Post Office, RBS and The Skipton Building Society on the ground floor with RBS also occupying the offices on the first floor with the second and third floors vacant.

The building currently produces a total gross income of £335,000 per annum, with all the ground floor leases only having a couple of years left to run. The upper floors have Planning Consent for conversion to 40 student units.

The tenure is leasehold for a term of 125 years from Plymouth City Council from the 24 September 1980.

Acting on behalf of Gervas Properties Limited, Vickery Holman achieved a sale in the region of £3million which equates to a net initial return of 9.55% less normal purchaser’s costs of 5.8% and having made an allowance of £200,000 for the vacant upper floors.

Vickery Holman Director Mike Oldrieve comments “we started marketing Tamar House during the recession, so we are delighted to have eventually got it over the line. We believe this shows the improvement in the Plymouth market as the economy improves. The property is in a great location and whilst the ground floor shop leases only have a few years to run, this location will always be in demand.