Drake's Island: Historic gem off Plymouth for sale amidst renovation challenges
The small rocky Drake's Island off the coast of Plymouth has been put up for sale. According to the real estate agency offering it, it's ideal for a picturesque hotel or a secluded retreat. However, interested parties should be prepared for significant renovation.
Drake's Island covers an area of just 6 acres and is located 600 yards (in a straight line) from the coast of Plymouth harbour. On its grounds, there are historic barracks, a pier, and several other buildings. The property also has permission to build a 43-room hotel.
The sales agency does not disclose the asking price to the public. However, according to estimates from two years ago, the total cost of renovation and investment was estimated at €20 to €26 million.
Owned by the British crown for many years
Drake's Island was named after its discoverer, Francis Drake, who was the island's governor in 1583. Since 1549, it functioned as a defensive base against the French and the Spanish, and at the end of the 16th century, military barracks were built on it.
King Charles II also used it as a prison in the 17th century. Subsequently, it belonged to the British crown for many years.
In 1995, Drake's Island was put up for sale by the Crown Estate, with a starting price of €275,000. It was bought by businessman Dan McCauley and opened to tourists.
The current owner of the island, Morgan Philips, a businessman from Plymouth, bought it for €7 million. He originally planned to build two hotels, a museum, and a wellness centre but later abandoned these plans. The island is now back on the market.
