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UK: MCR Property Group has acquired The Moneycentre in Plymouth city centre, and will covert it to 119 rental apartments.
The office-to-resi conversion will be part of a £24 million regeneration initiative that will also see further development on the adjacent site of the former Mambo’s nightclub.
Located on Drake Circus, close to the University of Plymouth, Arts University Plymouth, Sutton Harbour and the main rail station, the building is now in the final stages of planning for conversion into 119 high-quality Build to Rent (BTR) apartments. The scheme will offer a mix of energy-efficient studio, one-bedroom and two-bedroom homes, designed to meet growing demand for well-located rental living in the city centre.
A full rebrand and placemaking strategy is underway to give the building a new identity that reflects Plymouth’s creative energy and coastal character. This development will form part of a wider regeneration story, supporting the city’s growth with quality homes and long-term investment.
Constructed in 1976, the building was originally built as offices above ground floor commercial space. Construction is due to commence in late 2025 with completion targeted for the following year.
Michael Fenlon, residential director at MCR Property Group, said: “Plymouth is a dynamic city with big ambitions, and we’re thrilled to be part of its future. There’s a real need for high-quality rental homes in the city centre, and this scheme will help address that, while bringing a landmark building back into use. It’s about more than just delivering apartments; it’s about creating a place that feels connected to Plymouth’s identity and energy.”
Highlights:
• MCR Property Group has acquired The Moneycentre in Plymouth city centre, and will covert it to 119 rental apartments
• The office-to-resi conversion will be part of a £24 million regeneration initiative that will also see further development on the adjacent site of the former Mambo’s nightclub
• Constructed in 1976, the building was originally built as offices above ground floor commercial space. Construction is due to commence in late 2025 with completion targeted for the following year.
