The Pydar Regeneration Scheme in Truro is set to proceed, with Cornwall Council committing an additional £14.804 million to its capital programme, including £10 million specifically for Pydar. This funding will enable the transformation of former council buildings into a vibrant new development featuring housing, student accommodation, and a hotel.

The planned project at Pydar includes an innovative co-living scheme, aiming to provide 415 beds alongside affordable housing options in the existing car park area. This development is designed to cater to a variety of residents, including students, professionals, and older individuals, reflecting a growing demand for flexible and community-oriented living spaces.

Elliot Blatt, head of origination at ASK, which has provided a significant loan for the acquisition, highlighted the project’s potential to enhance the local area significantly. Blatt remarked on the strong business plan set to revitalize this desirable site, capitalizing on the increasing popularity of co-living environments.

The regeneration of Pydar is expected to deliver substantial economic benefits to Truro and the wider Cornwall area. With projections including the creation of 100 affordable homes, 100 rental units, and 340 student accommodations, the development is poised to support over 1,000 residents. This influx of new residents is anticipated to inject approximately £5.2 million annually into the local economy, supporting local businesses and enhancing the vitality of the city center.

Cornwall Council’s commitment to the scheme, despite initial financial concerns, underscores the strategic importance of Pydar for regional development and housing needs. The council’s decision to move forward with the investment reflects confidence in the project’s benefits for Truro and its residents.