Plymouth's city centre will undergo major upgrades to match a new series of multi-million pound leisure and property developments.
British Land has submitted new plans for massive refurbishment and extension of Norwich Union House, huge changes to Old Town Street and New George Street, which will include the creation of six pavilion units
Plymouth's city council has approved the first plans to improve Old Town Street and the top section of New George Street, and works to restore the Civic Square by the bottom of Armada Way. Massive £10mil improvements to Old Town Street will provide better access to the £50m Drake Circus Leisure development and Drake Circus shopping mall.
The new design includes a pedestrian-friendly square and feature six standalone pavilion-type businesses, improvements to the shops funded by a £20m investment from property owner British Land.
The works will bring more trees, plants, new paving, lighting and seats, and a children’s play area, all designed with the people who will use them in mind.
The design and access documents show the impressive transformation of the top of town, from Old Town Street, past Drake Circus and down to New George Street.
The big downside to this project, however, are the constant roadworks we will have to endure for many months, until this is finished. We wrote about the ongoing roadworks in this article.
About the developer, British Land:
The British Land Company plc is one of the largest property development and investment companies in the United Kingdom. The firm became a real estate investment trust when REITs were introduced in the UK in January 2007. It is headquartered in London. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index and a founding member of the European Public Real Estate Association.
The British Land Company was founded in 1856 as an offshoot of the National Freehold Land Society (later Abbey National) formed in 1849 with the two chief architects of the freehold land movement Richard Cobden and John Bright. Both were ardent supporters of a movement to extend enfranchisement. To qualify for a parliamentary vote it was then necessary to be a landowner and the main object of the National Freehold was to facilitate the acquisition of small plots of land by the people. To do this the British Land Co. would purchase land and then resell it on the best terms to any customer who wanted to buy it. With extension of the franchise this reason ceased to govern the operation of the company, and it began to operate as a normal business in the latter part of the nineteenth century.
In May 2005 British Land announced that it had agreed to purchase Pillar Property Plc for £811 million in cash to boost its position in the out-of-town retail property sector.
As of 31 March 2018 the company owned a portfolio valued at £12.7 billion.