February 6, 2008
Terrace Hill, the AIM-listed property development and investment company, has submitted a detailed planning application to Southampton City Council for Mayflower Plaza, a £70 million mixed-use scheme in the city centre.
The proposals feature approximately 116,928 sq ft (10,863 sq m) of office space, a 150 bedroom hotel and 180 residential apartments. Subject to planning consent, work will start in summer 2008, with completion scheduled for mid 2010.
Richard Myers, development executive of Terrace Hill, comments: “The scheme represents a great opportunity to regenerate this strategic gateway to the city and is one of the largest inward investments into Southampton in some time.
“The site, widely regarded as one of the most significant of the city’s future development plans, has lain dormant for a number of years and we believe the timing is right to create a high-quality mixed-use scheme to capitalise upon the market dynamics.
“The proposals also include the creation of a new public space, which will generate vibrancy and contribute a considerable ‘sense of location’ to the area.”
The two acre (0.81 hectare site) site, bounded by Commercial Road, Havelock Road and West Park Round, lies between the prominent Civic Centre and Mayflower Theatre, less than 250 metres from Southampton Central station.
Terrace Hill has retained DTZ and King Sturge as agents on the scheme.