Drake's Island, a historic island off the south coast of England, has been listed for sale with offers of £2 million or more being accepted. The 6.4-acre island, located off the Plymouth coast, comes with planning permission for a 43-bed hotel conversion.
Historic significance and ownership
The island is named after Sir Francis Drake, who began his circumnavigation of the world there in 1577. It played a vital role in protecting England from foreign attacks until World War II, according to historians. The Ministry of Defence handed it back to the Duchy of Cornwall in the 1960s.
The property is being advertised by London-based estate agent Carter Jonas, instructed by Kirker & Co, receivers of the island's current owner, Morgan Phillips' company, Plymouth Sound Properties Ltd.
Tourism and development potential
The potential buyer would have the opportunity to generate tourist income through several different streams. The island previously hosted guided tours, private tours, on-site location filming, adventure days and theatre performances, which generated considerable income.
"The island's unique combination of heritage assets, natural environment and distinctive setting provides strong potential for tourism, education, leisure, events and commercial activities," the brochure reads.
Ali Rana, head of national investment at Carter Jonas, told The Independent: "Drake's Island is one of the most remarkable development and regeneration opportunities to come to the UK market in recent years. With planning consent already secured for a hotel and a setting shaped by centuries of history, it offers investors an exceptional platform to create a truly landmark destination.
"Opportunities to acquire an entire private island are exceptionally rare, and rarer still, one that lies just minutes from the mainland, combines more than 400 years of history with over 30,000 sq ft of historic buildings, and offers the potential to create one of Britain's most extraordinary private homes.
"We expect interest from UK and international investors, hoteliers and private buyers alike."
Previous sale and recent public access
The property listing describes it as a "historic fortified military island with a total of c. 30,000 sq ft of disused accommodation". The island was previously put up for sale for £6 million in 2018, when it was purchased by Morgan Phillips, who planned to open it to the public with a museum and heritage centre.
In 2020, Drake's Island received its first public visitors since 1989, when a one-off public tour was organised to raise money for St Luke's Hospice.
