The second phase of Oceansgate has now been given the green light, having secured funding and planning permission.
Based in Devonport’s South Yard, Oceansgate is transforming disused Ministry of Defence land into an Enterprise Zone for marine businesses, with opportunities for research, innovation and production. Phase 1 of the development was completed last year.
A total of £10.25 million of funding has been secured for Phase 2, with a £2.25 million grant from the European Regional Development Fund (ERDF) and an £8 million Council loan.
Planning permission has also been granted for the next phase, which includes the demolition of an existing building and the erection of four new buildings. This will provide 15 light industrial units and a new three-storey office building, as well as car parking and landscaping.
This will create a total of 1,350 square metres of light industrial space and 1,500 square metres of office space, enabling the creation of up to 130 new jobs.
As part of the creation of Phase 2, the historic gateway arch to South Yard, which was once the original entrance to Devonport dockyard, will be rebuilt to create a sense of arrival to the site.
Councillor Tudor Evans, Leader of Plymouth City Council, said: “I’m really excited that we’re able to move forward with the next phase of Oceansgate. The planned work will create a modern workspace perfect for marine businesses, but keep a nod to the past with the recreation of the original gateway.
“Phase 1 has already become a thriving business hub, which is what we set out to achieve. This next step will provide even more opportunities for businesses and more jobs, helping to drive economic growth and support our flourishing marine industry in Britain’s Ocean City.”
The new buildings will be in keeping with the office and industrial units created in Phase 1 and the wider historic setting of South Yard, using natural materials such as Plymouth limestone and granite.
Phase 1 of Oceansgate has already welcomed a number of businesses including Lang & Potter, Surejust, Trend Marine, the Maritime & Coastguard agency, and the new Marine Business Technology Centre.
Businesses in the marine sector that are looking for new industrial space or offices can find out more about the available units at oceansgateplymouth.com.