Major update on future of Plymouth's Drake's Island as events planned
The owner of Plymouth’s historic Drake’s Island has huge plans for it this year as he finalises a £1.2m loan. Morgan Phillips, who bought the 6.4-acre island for about £6m in 2019, said that although the property is still on the market he is in talks with a major investor who could pay off the loan and invest further.
Mr Phillips is also in discussion with the planning department at Plymouth City Council and envisages staging some “bespoke” musical concerts - but not a rave - on the fortified island this summer. He is also negotiating with Netflix, and the shows Time Team and Most Haunted, plus other film and TV makers, about filming on the island.
Mr Phillips also allayed fears that his company Plymouth Sound Properties Ltd, of which he is managing director, was in trouble after a receiver was appointed. He said this was a move insisted upon by a lender during the period when a new loan was obtained.
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He and his lawyers have been in Paris working on a deal with a new lender, which will provide a £1.2m loan, allowing him to pay off the original lender, which has decided not to renew its loan. Mr Phillips said the new deal is on the cusp of being finalised and the “receiver action” notice will soon be removed from Companies House.
He will then continue talks with a potential investor who can pay off the loan and provide capital for the development of the island. Mr Phillips insisted he would retain control of the island but have a shareholding partner.
Last July, the island was placed on sale, with offers sought by commercial property experts Carter Jonas, even though Mr Phillips said at the time that he ideally wanted to retain it. Today he told PlymouthLive: “The island is still officially on sale. But it looks like I have an offer to buy shares in the island and invest capital to bring the island forward. I should have an offer in writing next week.
“We would be in control, but they would buy in, have shares and pay off the existing loan. They will also inject capital into the island.”
The island already has planning permission for a 43-bed hotel to be built on it. Today, Mr Phillips said: “I have started conversations with Plymouth City Council planning. When I know the money is in the bank we will start things in earnest.”
Mr Phillips said he had also begun talks on “additional events this year”. He said: “We are looking at whether we can do a series of concerts. That’s not a rave, but bespoke stuff.
“And there could be quite a lot of filming. We have had Netflix, Time Team, Most Haunted and other people make inquiries. The three named are well advanced.”
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