Plymouth City Council has granted planning approval for a £75m city centre mixed-use redevelopment which will feature the south west’s tallest tower.
The ‘Oceanique’ scheme by Devington Homes’s 310,000 sq ft comprises 172 flats, retail and office space, restaurants, and a hotel within three buildings called the North Block, the South Block and the 31-storey Tower.
The tower consists of 109 apartments with a three storey restaurant at its base while the eight-storey North Block contains retail and a restaurant and over 64,500 sq ft of offices. The South Block will hold a seven-storey hotel and 63 apartments.
Funding in place
Funding for the scheme was secured by dd2group through Dunbar Bank. Paul Ross-Gower head of development finance at dd2group, said: ‘It is essential on a scheme of this size for the design, the costing and the funding to be progressed in close harmony. The funding structure that we have put in place insures that Plymouth’s most exciting development will be delivered.’
Councillor Patrick Nicholson, Plymouth planning committee chairman, said: ‘This development is in an area of the city which is desperately overdue for redevelopment. This is a massive investment of capital by the private sector which will bring many benefits to the wider community.'
Knight Frank is advising Devington. Architects Design Group is architect.