The 1 Drake Circus project will see the demolition of the city’s Money Centre building to make way for 554 bed-student accommodation and a 105-bed hotel.

The curved high-rise complex designed by T P Bennett for developer City and Provincial Properties will also provide office space over five floors and will be located where Mayflower Street meets Cobourg Street.

It is just one floor lower than the city’s highest rise student block, Beckley Point, which was built by Kier a few years ago, and is located nearby forming a high-rise cluster in the area.

Approval is subject to a S106 being signed. The landscape will feature local Plymouth Limestone in public realm improvements to all sides of this major island site.

London-based XCO2 is the environmental and M&E engineer on the project.

Jeff Wall, Director at T P Bennett said: “The design echoes aspirations of The Mackay Vision for Plymouth and The City Centre Masterplan, providing a high quality landmark and a vibrant addition to this central location.”