Wharfside Regeneration (Devon) Ltd acquired a 16 acre site from Plymouth Hospitals Trust (PHT), known as NWQ, in April 2006 and leased the whole site back to the Trust for fifteen years. The purchase was completed with equity provided by private investors with senior debt from Anglo Irish Bank.
Phase 1 on two acres has been successfully developed to provide a new multi-storey 600-space car park and 8,000 sq ft of offices both let on new leases to the PHT. This enabled the PHT to relocate the majority of their fragmented surface visitor parking.
Wharfside sold the first phase to Aviva Pensions Ltd and have subsequently sold the remaining 14 acres of open car parking to them but retained as Development managers. Further phases are being progressed and planning achieved. The phases will include a 120,000 sq ft Planned Care Centre, some 40,000 sq ft of offices, a second multi-storey car park, more residential care facilities, a Cardiology unit and retail/restaurant units.