Investing in Torbay...

Despite the doom and gloom of the pending Brexit deal, the Torbay area of Devon is flourishing with investments from major companies from around the world.

The Tourism Trade…

In Torquay, a ￡32m regeneration programme has already broken ground with Hilton Hotels becoming the new face of Torquay Harbour. Their investment recognises the future anticipated growth of the area and should be ready to welcome their first guests in 2020.

The large town centre development includes the Hilton 130 room hotel plus restaurants and bars together with over 30,000 square feet of office space, 50% of which has already been let to Devon solicitors firm Wollen Michelmore.

Singapore’s The Fragrance Group, run by self-made billionaire Koh Wee Meng, has already undertaken several hundred multi pound developments all across the UK, and have now set their eyes on the English Riviera’s iconic Palace Hotel on Babbacombe Road, The Corbyn Head Hotel on Torbay Road, The Park Hotel and The Lighthouse both on Paigntons Esplanade Road.

Whitbreads, Premier Inn’s parent company has signed an agreement with Torbay Council to bring in a 120 room hotel and restaurant to Torquay Harbour. Premier Inn’s fourth hotel in the Torbay area, plan for the new development on under-used land by the entrance of Terrace Roads car park. A planning application is expected to be submitted to Torbay Council in the next three months and subject to planning approval, work could begin on site this autumn. There will be a public exhibition of the proposed development during the afternoon and evening of 14 March at Torquay Museum.

Electronics and Photonics Innovation Centre…

The ￡8m EPIC building is already underway, promising to deliver the very latest technologies for ground breaking electronic and photonic companies from around the world.

The aim for the centre is to; 

-Encourage collaborations. 

-Commercialise R&D. 

-Enabling knowledge transfer. 

-Accelerate innovation, prototyping and product development.

-Bringing forward new technologies to the market place.

Due to be ready by the end of Q1 2019, the development has been supported by the Torbay Hi-Tech Forum which was founded in 2010 and has grown to represent over 200 individuals and 32 hi-tech companies.

The centre draws in European Regional Development Funding, Coastal Community Funding and Growth Deal Monies. The centre will provide capital equipment and facilities along with specialist sector support. It will create 220 new jobs, support 70 hi-tech companies and support 14 collaborations between industry and academia.

Regeneration in Torbay… (please note, this section has mainly come from Torbay Council)

The Investment and Regeneration Fund Strategy is part of Torbay Councils Transformation Programme, which aims to create to a council fit to meet current and future challenges.

It has been approved by Full Council and enables the Council to invest ￡200 million in opportunities and assets, to generate income to reinvest in its services. The portfolio of investments will bring financial benefits to Torbay and bring forward regeneration schemes benefitting the Torbay economy.

Torbay Council, along with other local authorities, has had to find millions of pounds worth of savings and new income to achieve a balanced budget due to year on year cuts to central Government’s revenue support grant and increasing costs. They remain committed to creating a prosperous and healthy bay and that is why it is important for them to develop innovative and alternative ways of working so they can continue to deliver services that matter the most to their residents.

Torbay Councils portfolio of investments will help raise ￡2.8 million in the 2018/19 financial year to pay for and support wider council services in Torbay. By way of example, ￡2.8 million is enough money annually to finance all of our library services, to maintain all their parks and gardens and to pay for the CCTV system to keep their town centres safer.

Without this income the funding will have to be found elsewhere, which could involve cutting another ￡2.8 million worth of council services.

Everything Torbay Council invests in is rigorously assessed before being considered and they seek independent advice to ensure their Investment and Regeneration Fund is being used wisely.

This strategy runs alongside a comprehensive regeneration programme agreed by Council, which is in the process of being delivered. Unlike general investments acquired, regeneration schemes aren’t expected to provide an immediate income, but instead aim to bring forward regeneration in Torbay.

South Devon Highway…

In 2015 the South Devon Highway opened, bypassing traffic from the sleepy village of Kingskerwell, between Penn Inn and Torquay. Before the ￡110m road was laid, over 35,000 cars a day would pass through Kingskerwell causing endless traffic jams.

The 3.4 mile road now sees around 42,000 cars on an average weekday and cuts travel time dramatically down to a matter of minutes. Campaigners for the road said it would result in 8,000 jobs being created, 3,500 of which were in the Torbay area.