You can buy an entire fortified British island right now for a fraction of what a suburban fixer-upper costs in London. Drakes Island, sitting just 500 meters off the coast of Plymouth Sound in Devon, is back on the market with estate agents Carter Jonas seeking offers in excess of £2 million.
For that price, you get 6.4 acres of land, roughly 30,000 square feet of abandoned military structures, a Grade-II listed Governor's House, a maze of underground tunnels, and deep-rooted historical baggage. It sounds like a movie plot. But if you are actually looking at this listing as an investment, you need to understand what you are walking into.
The Reality Behind the £2 Million Price Tag
Let's get one thing straight. The £2 million figure is just the starting bid. Commercial property sold via a fixed-charge receiver rarely goes for the baseline guide price when multiple developers start circling.
More importantly, buying the dirt and the crumbling stone is the cheap part. Transforming a disused 19th-century military outpost into a functioning commercial asset is an entirely different beast. Previous redevelopment efforts have stalled for a reason. When businessman Morgan Phillips bought the island in 2019, grand visions of luxury hospitality and marine research hubs followed. Yet, the site went back up for sale after hitting financial and logistical walls.
The infrastructure is completely raw. You are dealing with an island that requires boat access for every single bag of cement, tradesperson, and hotel guest. Power, water, and sewage lines do not magically appear on a fortified rock in the middle of Plymouth Sound.
What You Actually Get on Drakes Island
If you drop your millions on the table, here is what your estate agent hands over the keys to:
- The Fortifications: Decades of military architecture designed to protect England from French and Spanish invasions, featuring historic batteries, gun emplacements, and massive ammunition stores.
- The Governor's House: A Grade-II listed building that sits as the crown jewel of the island's domestic architecture, currently needing a massive, conservation-approved overhaul.
- The Tunnels: An extensive network of underground passageways that snake beneath the surface. Local folklore loves to claim they stretch all the way under the sea to Plymouth Hoe, though reality is slightly less dramatic—they were built for munitions storage and troop movement.
- Planning Permission: Approved blueprints for a 43-bed hotel, which form the cornerstone of any future attempt at heritage-led regeneration.
The Tourism Potential and the Catch
Can you make money here? Absolutely. Before safety inspections forced a temporary halt to public access, the island brought in nearly £590,000 in gross revenue during 2023 through guided tours, private events, film shoots, and outdoor theatre productions.
People love spooky history. The island carries a long-standing reputation for being haunted, echoing centuries of military life, isolation, and old ghost stories tied to its medieval chapel roots. Adventure tourism companies and film crews love a gritty, authentic backdrop.
The catch is the strict planning condition framework and Section 106 obligations attached to the sale. You cannot just bulldoze old batteries to build modern luxury infinity pools. Historic England and local planning authorities keep a tight leash on what happens to Scheduled Ancient Monuments. Every window frame, stone wall, and tunnel restoration must pass rigorous heritage regulations.
Should You Place a Bid?
If you are a high-net-worth individual with deep pockets, endless patience for bureaucratic red tape, and a passion for maritime history, Drakes Island is a fascinating trophy asset.
Just don't expect a quick flip. Treat it like a long-term conservation project that happens to have a hotel license attached. Hire a project manager who understands historic building codes, line up marine contractors early, and prepare to spend millions more on infrastructure before a single paying guest checks into that 43-bed hotel.
