Plymouth City Council has granted planning approval for a major city center mixed-use redevelopment which will feature the south west's tallest tower. Devington Homes's 39,465-m² 'Oceanique' comprises 172 residential apartments, retail, restaurants offices and a hotel within three buildings, the North Block, the South Block and the Tower. Funding for the £125-million (c. €167m) scheme was secured by dd2group primarily through Dunbar Bank.
The 31-story 330-ft tower consists of 109 apartments with a three storey restaurant at its base. The eight-storey North Block contains retail and a restaurant and over 6,000 m² of offices. The South Block boasts a seven storey hotel to the east and 63 apartments to the west.
Devington's Managing Director Lawrence Butler said: "We are delighted to play a major part in the renaissance of Plymouths regeneration, the unanimous support of Plymouth City Councils planning committee and their offices has been a true text book example of how the public and the private sector should work together."
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."
The site is bounded by The Crescent to the south, Athenaeum Lane to the east and Derry's Cross to the north. The Architects Design Group scheme also creates a new boulevard linking the area of Millbay, currently being regenerated under the Mackay Vision by English Cities Fund to the city centre. ADG senior partner Ian Potts described the proposals as "an exemplar for mixed-use development."
Butler added: "I would like to thank the truly superb professional team have worked tirelessly to achieve impossible timescales with such expertise. And Dunbar Bank and dd2group whom arranged all the funding without whom the project would not have been feasible. I now look forward to the next very exiting stage of construction."
Paul Ross-Gower, head of development finance at dd2group, said: "Throughout the last year dd2 Group has sat alongside Devington Homes, architects ADG and project managers Davis Langdon to ensure that the visionary scheme could become reality.
"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."
Knight Frank is advising Devington.