Plymouth City Council has made a £14.3m commitment to support Phase 2 of Oceansgate, a pioneering new marine business-hub development in South Yard, Devonport.
As Phase 1 of the development nears completion, with the buildings expected to be opened in March, attention has turned to Phase 2. This will see the construction of a further 1,534m2 of light industrial and 1,930 m2 of office space for 202 employees.
Approval has been secured for an outline application for £2.6m from the European Regional Development Fund (ERDF) and a full application will now be submitted.
In addition to the ERDF funding, £6.1m will be funded by Plymouth City Council through service borrowing and the remainder through the Council’s capital programme, which has allocated £5.6m in match funding to Phase 2 in a delegated decision signed this week.
Council Leader Ian Bowyer said: “Oceansgate is a pioneering marine development and the only one of its kind in the country. The new Endeavour and Endurance buildings that have been built during Phase 1 look fantastic and we’re excited to be welcoming the first tenants in the near future.
“We’re committed to ensuring Phase 2 moves forward with the same success, ensuring that Plymouth remains a leading city for marine businesses.”
Oceansgate is the anchor project for the Plymouth and South West Peninsula City Deal, a pioneering programme covering Cornwall, Devon, Plymouth, Torbay and Somerset designed to bring significant and long-lasting economic growth to the region.
It covers 35-hectares and features three docks – ranging from 84m to 145m long – which are suitable for many marine industry dockside operations.