Project delivery and funding
What’s the viability of the proposed development?
The Pydar area is located in the heart of Truro’s City Centre and is amongst the 30% most deprived areas in England. Many attempts have been made by private property developers to develop the site but have failed, due to the complex topography on the site and the lack of infrastructure to support the development. This leads to substantial issues with viability. The viability of this scheme is currently at 0.1%. The Pydar scheme is driven by local housing and community needs rather than profit led. Despite the low profit levels, the scheme is committed to bringing high quality housing and a target of zero carbon emissions (once built).
Who are Treveth?
Treveth are a Cornwall Council Owned partnership delivering new homes and commercial development for the benefit of people who live and work in Cornwall. They are a Cornish company that puts Cornwall and its people first. Any profit they make is returned to their partner, Cornwall Council. Find out more:- https://www.treveth.co.uk/
Developer Contributions - Section 106
Will there be a S106 Agreement?
Whilst technically, the Council are unable to enter into a Section 106 agreement with themselves (Cornwall Council are the applicant for this development), there will be a similar document that will be secured through a planning condition. This will agree all the things covered in a standard S106 agreement such as dwelling locations, lettings, sales, local connection criteria, phasing etc.
A Heads of Terms have been prepared to control the securing of infrastructure in either a scenario whereby the Council or a private developer builds out the planning permission.
What’s covered in the Heads of Terms?
Requirements of the Affordable Housing Officer
Financial contribution towards off site public open space provision/improvement
Financial contribution towards the Special Areas of Conservation
Financial contribution towards education infrastructure provision
Financial contribution for air quality measures and monitoring
An obligation to restrict occupants applying for street parking permits
An obligation for a local employment scheme
How will the development be funded?
It is envisaged that Cornwall Council will not financially contribute to the construction of the scheme. We have a shortlist of potential funders and are in advanced discussions to secure the full £170m development costs through private investment and funding.
Programme timescales and phasing
What’s the overall programme for the development?
Any development will only take place if the Council's Planning Committee approves the project. If the project is approved, the scheme will be delivered in phases with the first phase scheduled to begin in early 2022. It is anticipated this scheme will be completed within 10 years. More specific and detailed timeline information will be shared following planning approval.
What will be built first?
Phase 1 (Phase 1A & B) design consists of Blocks A, B, C, D and public realm to reach a fully coordinated design.
Phase 1 includes the development of:
Residential – a mix of affordable rent, shared ownership, discounted PRS and private sales;
Non-residential includes food and beverage, the bowling alley and the Hive;
Extensive public realm including amphitheatre/public square, significant tree planting, river corridor and ecology and accessible pedestrian focused environment; and
Substantial highways works to Pydar Street and St Clement Street to create a low-speed environment.