Plymouth’s historic Drake’s Island back on sale five years after being sold for £6m
A tiny island off the coast of Devon, which was bought for £6 million five years ago, has gone back on sale.
The fortified island is named after Sir Francis Drake who set sail from the site in 1577 to travel the world.
Drake's Island was bought by former Royal Navy engineer Morgan Phillips in 2019 for around £6million.
It is understood it would cost around £22million to redevelop the site, but no guide price has been given for its purchase.
Morgan Phillips said of the decision to sell the island: “I purchased this historic island in 2019 with ambitious plans.
"However, as so many of us know, conditions have altered over the past five years, and due to recent changes, I am seeking someone to take over and bring these dreams to life more quickly than I could.
"This is an incredible opportunity to be a part of history and create something truly special that honours the island’s heritage and significance locally and beyond."
Estate agents for the property said it was a "unique development opportunity", as it comes with planning permission to build a 43-bedroom hotel.
The landmark includes the grade-II listed Governor's House, a battery, and an extensive underground tunnel network, along with remnants of Tudor fortifications.
The Drake's Island website also mentions that it has its own wildlife reserve, and views of the historic Plymouth harbour.
Carter Jonas is now offering the freehold for sale and inviting bids from interested parties.
Ali Rana, Partner from Carter Jonas said: "Carter Jonas is excited to present this extraordinary opportunity to potential buyers.
"The heritage and beauty of Drake's Island make it well-suited for a best-in-class development that can fully employ its outstanding position and rejuvenate a treasured and much-loved landmark."
Morgan Phillips added: “Being the steward of this amazing landscape has been one of the great joys of my life.
"I'm pleased to have worked with local authorities and stakeholders to implement plans to revitalise Drake’s Island and breathe new life into its historic buildings.
"I hope to pass on the baton to someone passionate about the island’s surroundings and can realise its potential, and I would cherish the prospect of seeing these ambitions realised.”
The fort played a crucial role in defending the maritime city from French and Spanish invasions in the late 16th century.
It has been used as a prison, a religious centre, a refuge and, most recently, an adventure training facility, which closed in 1989.
In 1995 the Crown Estate put Drake's Island up for sale for £235,000 and eventually it was purchased by former Plymouth Argyle Chairman, Dan McCauley.
Plymouth City Council turned down a planning application in 2003, meaning the island was left unused.
In spring 2017, Plymouth City Council granted planning permission to create a luxury £10million hotel with 25 rooms and a spa complex.