Tristan backs Plymouth Cross
Published: 24 January, 2017
Tristan fund invests in £50m redevelopment of department store
European Property Investors Special Opportunities 4 (EPISO 4), an opportunity fund advised by pan-European real estate investment manager Tristan Capital Partners, has agreed to invest in the £50m redevelopment of the former Derrys department store in the city centre of Plymouth. The investment will be in partnership with Thames Bank Property, which has been working on the project for more than three years.
The Plymouth Cross project, which received full planning consent in August 2016, involves remodelling, extending and refurbishing the building to create 75,000 sq ft of retail and leisure space, a 500-bed student accommodation block and a hotel with 110 beds. Demolition work is to start immediately on part of the building, although the triple-sided retail / leisure frontage will be retained and refurbished.
Premier Inn, Britain’s largest hotel chain, has agreed a 25-year lease for accommodation on the building’s upper floors, while Homes for Students has signed a long-term agreement to operate the accommodation block that is scheduled to open in time for the start of the 2018-2019 academic year. Existing tenants occupying the ground-floor retail units include Argos and stationery chain Ryman.
Peter Mather, managing director for Investments at Tristan Capital, said: “Plymouth Cross will revitalise this part of the city centre by bringing new uses to this local landmark and providing much-needed quality student accommodation.”