The investment by the HCA, part of the government’s National Infrastructure Funding Package for Priority Regeneration Schemes, will enable Millbay’s lead developer English Cities Fund (ECf) to continue to progress the scheme during the current economic downturn, creating much needed jobs and putting the site in the best possible position for when the upturn comes.
Colin Molton, Regional Director of the HCA in the South West, said: “The renaissance of Plymouth is an important regional HCA priority and I am delighted that this project has been deemed worthy of national recognition.
“The funding will be used to deliver an infrastructure project including physical infrastructure works, site acquisition and associated costs. This work has been identified as being fundamental to bringing forward the next planned phases which together comprise a significant amount of the long term regeneration proposals for Millbay”.
As the largest and most significant development project within the city, Millbay is a key element in the economic and physical regeneration of Plymouth and will create 1,200 new homes (25 per cent of them affordable) as well as business space, waterfront bars, café/restaurant and leisure facilities set in a spectacular location.
Millbay’s first major development Cargo was officially opened earlier this year leading to strong interest from home buyers which has seen more than half the development already sold. The new investment by the HCA is expected to be used to strengthen and restore Millbay’s original quay walls and to prepare the Clyde Quay site which is earmarked as the focus of the next major phase of development.
Duncan Cumberland, project director for ECf, said: “The investment announced by the HCA is a very welcome boost for Millbay, enabling us to maintain momentum and confidence in what we recognise as a hugely important project for Plymouth.
“We will now work closely with the HCA to identify in detail the infrastructure work to be brought forward and how we can put everything in place to start work on site as soon as possible.”
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