Work could start before Christmas on a major new waterfront development as part of the Council’s ongoing ambition to ‘make Millbay happen’.
A temporary car park on East Quay could soon be a hive of construction activity, thanks to a decision being signed by the Council leader Tudor Evans this week, which approves the business case to acquire the leasehold interest in the property as well as a commitment to enter into a forward funding agreement.
The agreement kick-starts the scheme which will see a 126-bed hotel and retail/ leisure outlets built first before the construction of a block of 58 apartments as well as car parking spaces.
The figure is confidential as it is commercially sensitive but it will enable the mixed-use commercial development to get underway at the site.
Council leader Tudor Evans said: “This is another key part of the Millbay jigsaw. What was once redundant dockland - and not a great first impression of the city - is changing beyond all recognition and is something we are really proud of. This plot forms the waterfront end of the boulevard that we have been working to create. This is going to be the destination point for people wanting to enjoy another impressive waterfront in Britain’s Ocean City.
“I know people will ask why would the council get involved - it’s simple. We’re investing in this project to get this scheme off the ground. Under the agreement we will receive a healthy rental income from the hotel and retail units, which will help us to provide services to our residents.”
As well as continuing the transformation of Millbay, the completed scheme is expected to create 100 job opportunities in the hotel and leisure sector as well as construction jobs during the build period.
Regeneration plans for Millbay form the biggest redevelopment scheme the city has seen since the war. There are now blocks of quality homes overlooking the docks, a new school has been established and shops and restaurants are opening up. Up to 300 homes could be lining the new look boulevard, together with shops and offices. Over the last few years the Council has been steadily been acquiring properties in and around Bath Street, Martin Street and Colin Campbell Court to enable regeneration to progress. Work currently taking place includes drilling wells beneath Bath Street to supply future developments with heated water. The street is also being widened and a sustainable drainage system.