In 2017 Cornwall Council created a £1.2billion investment fund to accelerate the delivery of new homes and enterprise growth while securing a long-term financial return that could be reinvested for social purposes.
The council had taken a strategic decision to assume responsibilities beyond those of a normal Planning Authority: Any new development within Truro was to be underpinned by an increase in quality and greater connectivity between different parts of the city in order to make a great place. The council created a four-hectare site in the centre of the city for regeneration. The challenge was what to build on the site.
Our role was to support the council from the start, help it define development opportunities for the Pydar site and to overcome the reasons the site had not previously been developed. We were appointed to act as Programme, Project and Development Managers and in this capacity our team helped the council to define their aim.
Using our Community Impact Model to quantify and project the socio-economic benefits of a scheme to develop a vibrant and thriving core city, we worked with the council and city council to bring forward development proposals that were universally backed.
The Pydar Site now has the potential to attract and stimulate further investment and enterprise growth in Truro. The projected development value of the scheme is nearly £200m and will be one of the largest council-backed mixed-use development schemes outside of London and Birmingham. It won ‘Highly Commended’ in 2020 Planning Awards and was the first project in Cornwall to achieve a Building with Nature Accreditation in 2021.
We have so far:
- Secured executive approval to the Strategic Outline Case, releasing funding for an outline business case and outline planning application
- Secured universal backing for the development from the County Council, Town Council and local community
- Secured interest from local and national businesses that are now seeking to occupy the development
- Secured interest from Private Institutional Investors to fund the development
- Achieved 60 percent energy regeneration on site
- Ensured that 64 percent of the development site is public open space