Plymouth Council Invests in City Center Regeneration Project

Plymouth wants to buy some city center properties and will spend £2 million on the purchase. The properties are on New George Street and Western Approach, near Colin Campbell Court. The council will soon talk to the tenants there.

Tudor Evans approved the business case and the lease acquisitions, allocating £2.033 million for this. The council will borrow the money it needs, with tenant income expected to repay the loan.

This may even create a small annual profit of about £3,195. The council will use this profit for more borrowing, creating a fund for tenant compensation.

Buying these properties is key for regenerating Colin Campbell Court and helps get government funding to support these plans. This purchase will also boost economic activity.

These property purchases aid strategic regeneration, similar to buying buildings on Raleigh Street. It aligns with building homes, bringing skills and jobs downtown, and ensures the council spends money wisely on the West End.

Regeneration will greatly impact the city, turning the center into a home location. Plans prioritize low carbon housing and supporting local businesses.

The council owns much of the city center, but redevelopment requires “land assembly,” including acquiring leases to give direct control.

The Joint Local Plan desires city change, with Colin Campbell Court heading the list of six priorities. Homes will transform perceptions of the city and catalyze further renewal, with the plan allocating land for about 300 new homes.

The council sees good asset purchasing chances that support area regeneration plans. Buying these properties gives the council the control to meet Joint Local Plan goals, support outside project funding, reduce costs later on, and prevent future unsuitable lettings.

In 2022, the council leased Raleigh Street retail spots and got properties along Western Approach allowing the construction of the diagnostics center.

Colin Campbell Court redevelopment targets key goals by intensifying the use of the city center. New housing changes city perceptions and provides long-term financial benefits to the council, including council tax and business rates.

The council will buy West End property leases which supports long term renewal plans for an area set for regeneration. Purchasing these leases encourages further renewal.

Owning leases improves the chances for government funding. The council can’t name the properties due to business sensitivities.