Sector: Regeneration & Commercial, Residential, Leisure
Planning permission has been secured for an exciting mix used development in the ‘tall building’ zone of Plymouth city centre, bringing with it jobs, student accommodation, office space and a new 105-bed hotel.
Plymouth City Council passed a resolution to approve plans to demolish the existing Money Centre building at Drake Circus and create a 21-storey modern building in keeping with the city scape.
National consultancy Pegasus Group, on behalf of a London based property development company, put forward the plans comprising:
• 554 student bedrooms
• 1,858 sq metres of Grade ‘A’ office space
• a 105-bedroom hotel
• 149 sq metres of flexible retail accommodation
Jim Tarzey, Executive Director for Pegasus Group, said: “This is an exciting mixed-use development proposal that will result in a new ‘tall building’ of high quality design on a prime gateway site that will be a welcome addition to the Plymouth skyline.
“The scheme delivers a package of overall benefits to the local economy, including replacement Grade A office accommodation and a new hotel on site, as well as indirect benefits such as financial contributions to the area and a new office development on the regeneration scheme adjacent to Plymouth Railway Station.”
The economic benefits of the scheme to the region are likely to be substantial, with the plans supporting 374 full time jobs, construction investment over the two and half year build programme estimated at £38m, and £8.4m predicted to be spent annually by the new students.
Jim added: “The site forms part of the designated ‘tall building zone’ and the design has been created to blend in with both existing and proposed developments. Plymouth has set out its ambitions to have a tall building zone for over a decade, and while there has been some progress, this development should provide a welcome addition to the city skyline, with a modern, attractive and high-quality build.
“The public realm immediately around the site will be extensively remodelled with the planting of 18 native trees to compensate for the loss of the existing five trees. As well as tree planting and public realm improvements at ground level, landscaping for the site includes the provision of five green spaces on the roofscape, where the seed mix will encourage butterflies, bees and ecological diversity.”
Work is anticipated to start on the redevelopment in 2019/2020.
For more information about Pegasus Group and its services, please contact us.