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Major land purchase in city centre for council’s regeneration plans

February 2, 2022

The former Tricorn site in City Centre North has been purchased by Portsmouth City Council, supporting regeneration of the area. Real estate investment and development advisor, Delancey previously owned a long lease for the site but now the council have full land ownership.

The site will continue as an NCP managed car park until required for development. This is the second major land purchase in the city centre that the council has completed within twelve months; the first being the former Sainsbury’s site on Commercial Road in March 2021.

Cllr Vernon-Jackson, Leader of Portsmouth City Council said, “Listening to people’s views on the city centre through the Local Plan, the Imagine 2040 City Vision, and other council-led engagement, we have been working to a strategy that will protect its future. We know more needs to be done to improve the high street in the core area and we also know that there are opportunities to make significant improvements in City Centre North and City Centre South. I’m delighted to say that we are going to make those improvements and this significant land purchase is more evidence of that.”

Since the demolition of the Tricorn Centre in 2004, there has been much discussion and debate over what should replace it. However, full ownership of this site further enables the council to deliver its long-term regeneration plans for City Centre North, as announced in November of last year. The creation of a large, public park is at the heart of those plans, alongside the development of around 2000 new homes.

Cllr Vernon-Jackson continued, “We will be delivering a major regeneration scheme in this part of the city centre that considers a wide range of factors, from our current housing targets and current road infrastructure to the need for more sustainable travel, and more green space. We are currently working through the planning process and aim to submit a planning application before this summer. People have already told us what they need and want to see in the city centre through the Local Plan surveys but there will be an opportunity to comment on this specific regeneration project in more detail at a public consultation planned for the summer.”

Anyone who has a property interest in this area should contact: CityCentre@portsmouthcc.gov.uk

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