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Plymouth's Moneycentre Development Moves Forward

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

The developer behind plans to replace the Moneycentre in Plymouth with a 21-storey block of student flats has agreed to pay the city more than £1.6m.

The funds will be spent on a series of projects ranging from crossing improvements, parks, sports pitches and a new public art festival.

The development will consist of 554 student bedrooms, along with a 105-bed hotel and commercial space.

Known as a Section 106 agreement, it forms a legal agreement between the local authority and the developer and is paramount in ensuring planning permission is granted.

Now that funds have been agreed, the developer can start preparation work for the demolition of the 1976 built Moneycentre.

However, there are concerns the city is already oversupplied, with Plymouth University itself objecting to the scheme on the basis there was not unmet demand for student accommodation.