Novotel, Marsh Mills, Plymouth
During late 2010 Wessex and Development Securities Plc acquired the long leasehold of the Novotel, adjacent to Marsh Mills Retail Park in Plymouth. The 101-bedroom hotel occupied a 4.15 acre site and was bought as a trading business, although with Novotel exiting.
Wessex formed a partnership with Legacy Hotels & Resorts Ltd, and continued to successfully trade the business for the following 3 years with Wessex leasing the property from the acquisition vehicle and in-turn appointing Legacy as Manager. We secured planning for a 55,000 sq ft retail park in 2014 and soon afterwards acquired the site freehold from the City Council.
The development process began with demolition of the Hotel in 2014/15 and commencement of occupational pre-letting. An approach was received in 2015, resulting in the sale of the site with planning to an institutional purchaser completing in 2016.