The Yard was released from the Ministry of Defence (MOD) in 1992 and subsequently passed to the Plymouth Development Corporation. Upon the Corporation's closure in 1999, the Yard was then passed to The South West Regional Development Agency (SWRDA) who funded and carried out the extensive c. £60m restoration of the structural fabric of the majority of principal buildings and infrastructure within the yard between 1999 and 2008. During this period the buildings were recategorised from Scheduled Monuments to Grade I/II listed buildings. Private sector development partners Urban Splash were then engaged to carry out the specialist conversion of the site into a mixed-use development.