In a bold move, Tim Heatley, co-founder of Capital&Centric (C&C), is taking on a multi-million-pound risk to transform Plymouth's iconic Civic Centre. This ambitious project aims to breathe new life into a derelict skyscraper, turning it into a vibrant hub with high-quality apartments and a campus for City College Plymouth. But what makes this development particularly fascinating is the developer's commitment to long-term stewardship and the potential impact on the city's future.
A Vision for Regeneration
The Civic Centre, a Grade II listed building, has been a topic of debate in Plymouth. Some want it demolished, while others hope for its revival. Heatley sees this as a positive sign, indicating that people care about the building's fate. He believes C&C can be the long-term custodian the council is seeking, with a track record of repurposing old buildings and a focus on regeneration.
Beyond Buy-to-Let
One of the key distinctions Heatley highlights is C&C's approach to development. Unlike many developers who sell to buy-to-let landlords, extracting wealth from the community, C&C aims to keep the regenerative benefits local. They only sell to owner-occupiers, ensuring the wealth generated stays within the city. This approach, in my opinion, is a refreshing take on urban development, prioritizing the community's well-being over short-term gains.
A Multi-Million-Pound Gamble
The project's financial aspect is intriguing. C&C is investing "millions" into the Civic Centre, with the initial cost exceeding the potential value upon completion. Heatley describes it as a "huge financial risk" for their business. However, he sees it as an opportunity to collaborate with the public sector, utilizing their expertise to turn a potential black hole into a thriving asset. This risky move showcases C&C's confidence in their ability to deliver high-quality developments and their commitment to the city's future.
A Community-Centric Approach
The developer's plans for the building's amenities are designed with a community focus. From a "mini-cinema" to a roof terrace cafe/bar, C&C aims to create a space where residents and the public can interact and enjoy. They even host craft and seasonal events, inviting locals to engage with the development. This community-centric approach is a welcome departure from the sterile, isolated developments often seen in urban areas.
Target Audience and Management
Heatley describes the target audience for the flats as working people, with a focus on affordability. The fully furnished homes will cater to a diverse range of residents, from young professionals to LGBTQ+ individuals and older adults. The management of the flats will be handled by C&C's rental company, Ollo, ensuring a consistent and high-quality experience for tenants. This hands-on approach to management is a key aspect of C&C's strategy, as they aim to be custodians of the building for generations.
A Long-Term Vision
The Civic Centre project is just the beginning for C&C in Plymouth. Heatley expresses their desire to undertake several more projects in the city, showcasing their commitment to its future. This long-term vision is a stark contrast to the "drive-by shooting" developments often criticized for their lack of community engagement and long-term impact. C&C's approach, if successful, could set a new standard for urban regeneration.
Conclusion
Tim Heatley and Capital&Centric's ambitious plans for Plymouth's Civic Centre are a testament to their belief in the power of regeneration and community-centric development. While the project carries significant financial risks, their commitment to long-term stewardship and collaboration with the city could yield transformative results. This development is a fascinating case study in urban regeneration, and its success or failure will undoubtedly shape future discussions on the role of developers in shaping our cities.
