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Latest News

£130m investment and 1,200 jobs for Torbay

5th July 2017

Categories: Latest News

Work is well advanced to secure at least £130 million investment and 1,200 new jobs for Torbay.

Schemes will begin in the next few months, such as the £26m Torwood Street hotel and offices complex in Torquay and the £32m hotel and flats scheme for Torquay harbourside.

TDA and Torbay Council is hard at work on the first phase of its town centre regeneration plan which should also see 500 homes created and 10,000 sq m of commercial space created in the three town centres of Torquay, Paignton and Brixham.

Some of the schemes have already been given the green light, including a £14m 300 student accommodation scheme for the town hall car park in Lymington Road, now called Upton Place and the £32m Torquay harbourside high rise hotel and flats and restoration of Torquay Pavilion.


Others have been in the pipeline for many years, including the Torwood Street branded hotel, food and drink and office development which could be starting in September. There is also progress on plans to redevelop the Crossways shopping complex in Paignton.

Pat Steward, Director for Town Centre Regeneration said: “Town centre regeneration is one of the Council’s and TDA's top three priorities. We really are in delivery mode now. This is not so much about consultation as delivery, we are getting on with it but we need your support."

“We are building on the strength Torbay's best assets, including its waterfront, over the next 10 to 15 years in a series of phases.”

“We’re talking to investors interested in Torbay who are 'really keen' to see how they can work with the council and TDA to deliver the strategy. The bottom line is that Torbay Council is putting its hands deep into its own pockets to fund the start of the transformation programme in all three town centres.”

 

In April, the council agreed a transformation strategy for Torbay's town centres with a three phase strategy which focuses first on building confidence over the next three years, to lead in turn to more investment to deliver even bigger projects in Phase 2. This will have a beneficial knock-on impact – Phase 3 – on more deprived areas around the fringes of the town centres.

The council has committed over £500,000 over the first three years to support a delivery team. The council wants to directly control development on its own sites because it wants to dictate the pace of delivery; it does not want to wait for others to deliver on its behalf. It can also ensure that local businesses and local people are involved in the construction and operation of new developments. The council can then retain and use development profits.

The authority believes the project will give huge confidence to investors, developers, retailers, communities and businesses. This programme is very much designed around what those people have said. The clear message is: “The time is now."

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