Planners have given the green light for the demolition of the Money Centre in Drake Circus and construction of a 20-storey skyscraper for student accommodation, hotel and commercial development.
The new multi-million pound building will be the second tallest in Plymouth – after the nearby Beckley Point. It will provide accommodation for over 550 students, along with a 105 bed hotel, offices and shops.
The application was made by the Pegasus Group on behalf of London-based CPP Properties. It has taken more than a year for the plan to be considered and finally approved, following a series of meetings between council officials and the developers, as well as a period of public consultation. A number of revisions to the plans have been made during the process.
The new multi-million pound building will be the second tallest in Plymouth
The development is expected to create over 400 jobs during construction work and permanent employment roles for over 370 people when the building is completed. It is expected to bring significant benefits to the city centre economy.
The University of Plymouth opposed the plan, maintaining that there is already sufficient student accommodation to meet demand. However, Plymouth City Council’s own research suggests that there is a shortage of good quality accommodation for 2nd and 3rd year students, as well as post graduates.
Planners highlight the fact that the layout of the accommodation in the new building will appeal to groups of students who wish to stay together.
The accommodation consists of nearly 60 ‘clusters’ of flats – 450 beds in total – with shared kitchen and common rooms. There will also be 104 studio flats. The student accommodation includes facilities such as laundrette, cinema, library, fitness centre, and flexible spaces that can be used for study or relaxation and a sky garden.
The planning consent has been granted on the condition that more than £1 million is paid to fund infrastructure projects in Plymouth, including sports facilities and improvements at Central Park, Brickfields and West Hoe Park.
A developer’s contribution of a further £537,000 will go towards a variety of projects including highway works and pedestrian improvements at Charles Cross and the train station redevelopment.
