Plymouth hotel moves step closer after funding deal struck

A new hotel in Plymouth has moved a step closer after a deal was struck to unblock a key stalled site in the city.The former Prince Rock playing fields on Embankment Road has been earmarked for redevelopment since 2018, but in common with other development projects, has stalled “due to an increase in costs, as well as changes in the proposed scheme”, according to the council.Now a decision has been signed by council leader Tudor Evans to enter into a forward funding agreement, which will enable planning permission to be sought for the commercial development of the site – with a hotel as its anchor tenant – to be built and let out.Evans said: “We have said before, this administration is all about getting things done and attracting new investment into the city. This was one of a number of stalled projects that we have revisited to see what the Council can do to get this project on track.”It is one of the busy entrances to the city and this decision will help speed up the start of work and what’s more, could create around 70 jobs in the completed development as well as supporting jobs in the construction phase.”The extra funding is currently confidential due to commercial sensitivities but it will be financed through the Property Regeneration Fund. The deal will also bring a longer-term rental income into the council.