The developer leading the plans for a new 10,000-seat stadium in Cornwall has formed a joint venture with Henry Boot Developments to deliver the project.
The partnership with Inox Group will deliver the stadium – to be used by Truro City Football Club and Cornish Pirates RFC – as well as flats, a 120-bedroom hotel and dining facilities.
Inox Group said under the partnership for the land at Langarth, Henry Boot Developments would secure a long lease to a retailer and then sell the retail development on, with the lion’s share of the proceeds going into the construction of the new stadium.
Inox would also put the net proceeds of the proposed residential development into the stadium project.
Rob Saltmarsh, managing director of Inox Group, said: “This is incredible news and signals almost six years of relentlessly trying to find a funding solution to deliver Cornwall its first and only community stadium. These latest developments clearly demonstrate that our funding proposal, which is now supported by a major PLC commercial developer, is entirely deliverable.”
A planning application will be submitted in September.
joanna.bourke@estatesgazette.com
