Amazing new images have shown what the top end of the city centre could look like. Parts of Plymouth city centre are to undergo major upgrades to support a multi-million pound series of new leisure and property developments.
British Land has submitted plans for the massive refurbishment and extension of Norwich Union House, works within Old Town Street and New George Street including the creation of six pavilion units.
The city council’s Labour-run cabinet has approved the first plans to improve Old Town Street and the top section of New George Street, and restore the Civic Square at the bottom of Armada Way, and now the designs and refurbishment plans are in.
The £10m Old Town Street improvements will provide a better link between the £50m Drake Circus Leisure development and Drake Circus shopping mall.
<h4>British Land – the facts</h4>
- British Land built London’s 122 Leadenhall Street, now known as The Cheese Grater, the third tallest building in the UK
British Land is the second largest UK commercial property company and focuses on two sectors – high-quality retail and leisure centres and London offices.
- The company was founded in 1856 by architects Richard Cobden and John Bright.
- In 2007 it turned into a Real Estate Investment Trust, a company that owns and often operates income-producing real estate.
- British Land is headquartered in London’s posh Marylebone neighbourhood and draws more than 90 per cent of its revenue from the UK.
- The company is also implicated in many joint ventures with other major real estate players including GIC, Norges Bank, Sainsbury’s, USS and Aviva.
- In 2017 the company’s portfolio was valued at £12.3billion and included Meadowhall shopping centre in Sheffield, and the Broadgate Estate, one of the largest developments in London.
- It also owns Regent’s Place, near London’s Warren Street Station, and built the skyscraper at 122 Leadenhall Street, now known as The Cheese Grater (pictured), the third tallest building in the UK, although it has now sold this.
- The 1,082,000sq ft Drake Circus mall is classed as one of British Land’s “major holdings” alongside assets in London, Glasgow and Sheffield.
- The mall earns an annual £20million in rent, being 97.9 per cent let, with an average lease length of 8.8 years.
- The redesigned streets will see the creation of a pedestrian-friendly square and feature six standalone pavilion-type businesses along with improvements to the shops funded by £20m of investment by property owner British Land.
The work will include more trees, plants, new paving, lighting and seats, and a children’s play area, all designed to attract and keep people in the area.
The design and access documents show impressive images of how the the top of town stretching from Old Town Street past Drake Circus and into New George Street could be transformed.
Source: Plymouth Live