The social impact developer will convert the Grade II-listed 14-storey landmark on Armada Way into 144 build-to-rent flats.

A full planning application for the BDP-designed retrofit was submitted in March and early works to strip cladding from the former council headquarters are due to start this summer.

Plymouth City Council has now agreed to enter into an agreement for lease with Capital&Centric covering the Civic Centre, land next to the Council House and part of the Council House car park.

Heads of terms are being negotiated to allow the developer to complete the residential fit-out and operate the homes under a 199-year lease.

The project has already secured over £18m from Homes England to help unlock the long-stalled conversion.

Empty landmark Civic Centre building offers hope to bring homes to city centre

The funding will support major remediation works including concrete frame repairs, fire protection upgrades, floor strengthening, roof works, new façades and demolition and renovation of surrounding low-rise structures.

The council previously said it planned to appoint a principal contractor before the end of the year to deliver the remediation phase.

Capital&Centric will manage the completed homes through its rental brand Ollo, offering residents’ amenities including a gym, events programme and app-based services.

The developer is currently investing £3m a week across eight live construction sites and last year unveiled an £860m Impact and Places Partnership with Swiss Life Asset Managers and Homes England to deliver more than 2,250 homes across underinvested parts of England.

Cllr Mark Lowry, Plymouth city centre champion, said: “This is an exciting new direction for Plymouth’s housing market – these will be high quality units that are built to rent – something which is not currently available here.

John Moffat, joint managing director at Capital&Centric, said: “Plymouth is a city with serious ambition, and the Civic Centre is the kind of project we love getting stuck into.

“It’s a building that means something to people; you can’t walk past it without noticing it. Now we’re taking on the challenge of giving it a future that lives up to that.”