Plymouth's Civic Centre could be sold back to council for £1
- Published
A developer has offered to sell Plymouth's Civic Centre back to the city council for £1.
The Grade II listed building, which formerly housed the council's offices, was sold to Urban Splash in 2015.
The authority said the firm had agreed to sell the building and car park back as part of an "ambitious" plan to turn it into a City College Plymouth campus.
A report, external to the council's cabinet recommended proceeding with the sale and entering a lease with the college.
The authority said it was awarded £8.5m from the Levelling Up Fund to allow restoration works to progress.
The 15-storey building, opened by Queen Elizabeth II in 1962, was planned to be demolished after falling into disrepair.
However, English Heritage listed the building in 2007 and it was purchased by the regeneration company in 2015 for a reported £1.
The developer obtained planning permission to convert the building into a mixture of residential and commercial space, the council said.
It has completed clearance work, surveys and design work since taking ownership.
However, a briefing to the cabinet said the firm had agreed to "step back from the project" due to the increase in public investment.
The report said the campus would be built across three floors of the building.
The final phase of the project would include the interior fit out of the tower to provide 144 private rented apartments, built by either the council or a private firm.
It said it had received £19m in grant funding, but the remaining project costs could be about £51m.
It added the project had "a number of risks", including a forecasted funding gap of about £11m, but further revenue could come from rental income or grants.
The council said the project could help the revitalisation of the city centre, with up to 2,000 additional students coming to learn at the campus.
Councillor Sally Cresswell, cabinet member for education, skills and apprenticeships, said: "We need to invest in our young people and adult learners to equip them with confidence and skills for a changing jobs market.
"We have a wave of job opportunities on the horizon - but we need to be prepared and we need our residents to have the skills ready to make the most of this extraordinary moment."
The authority is set to discuss the proposal on 18 March.
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