Plymouth’s latest Plan for Homes is set to benefit its first project.
The redevelopment of North Prospect, which is now approaching its final phase, will receive £1 million from the new Housing Investment Fund, a key part of the Council’s latest Plan for Homes.
The money will go towards the construction of new roads and footways, updates to the drainage systems and the installation of services like electric and gas.
Councillor Chris Penberthy, Cabinet member for Housing and Cooperative Development, said: “The regeneration of North Prospect is highly regarded nationally and has won a number of prestigious development awards and I’m delighted that the project is now on track to come to a successful completion.
“By contributing to the costs of essential enabling works, we will ensure that public funding is spent in an area that will profit the widest range of residents and delivers lasting benefits to the community.”
Nick Jackson, Director of Business Services and Development said: “PCH appreciate this support from the Council in helping us take the final step to complete the North Prospect Regeneration. This is the largest regeneration project in the South West which is rapidly transforming the area.
“PCH could not have achieved this without the support from Plymouth City Council and Homes England. We remain confident that the remaining funding required will be found and continue to press ahead with the land assembly and planning process.”
The regeneration of North Prospect is a project led by Plymouth Community Homes and supported by the Council.
Over the course of the project, old and decaying housing stock, often in a condition beyond economic repair, are being replaced with brand new, energy efficient homes for social/affordable rent, shared ownership and outright sale.
It has already seen more than 650 new homes completed alongside the Beacon, a new community hub housing shops, a new library, a Children’s Centre and 39 flats for older residents.
In addition, the park at Cookworthy Green has been enlarged and improved and now provides a quality and well managed green space, which is well used by local residents and their families.
Three previous phases are now complete and with one underway, the final phase will see the building of 56 new homes as well as the replacement of 140 existing properties.