Torbay has big ambitions

With Torbay gathering momentum as a thriving business location in one of Europe's most stunning coastal environments, Torbay Council outlines a forthcoming project that will offer a private sector partner a unique development opportunity

Torbay Development Agency, on behalf of Torbay Council, is looking for a private sector partner to deliver a major regeneration programme. The joint venture proposal offers a unique development opportunity at a favourable time in the marketplace.

The first phase of work will focus on five key town centre sites, identified within the wider regeneration strategy of the Mayor’s Vision. These sites will deliver retail, homes, leisure, employment space and improved public realm areas to enhance the already attractive town centres of Torquay, Paignton and Brixham, that make up the English Riviera. The joint venture will deliver Torbay’s urban centres all they need to be sustainable and competitive in the long term.

Torbay is the size of a small city with a core population of 135,000. It is a popular, successful destination for business and tourism. It enjoys a stunning natural landscape and offers an unparalleled quality of life - and the current trend for relocation to rural and coastal areas positions Torbay as a key growth point. Exeter International Airport is nearby, by direct train London is just a three-hour journey away, the M5 is just 17 miles away and Plymouth, Exeter and Bristol are within easy reach.  

Torbay is keen to attract a high calibre investor with the vision and expertise to maximise on the wealth of commercial opportunities in this dynamic coastal destination.

Torbay elected Mayor Nick Bye says: “We have laid important foundations to make sure we turn the Mayoral Vision into reality. We have been speaking to investors, putting strategies in place for tall buildings, transport and wider planning policy. We have been finding ways to reverse the economic trend and have committed to key regeneration projects totalling nearly £50m in the last two years. We have consulted, listened and taken expert advice on the best way to deliver change. Torbay is ready for that change, and we are now looking for a private sector partner to share the driving seat in this once-in-a-lifetime opportunity in one of Europe’s most stunning natural and maritime environments.”

There are five initial sites in phase one and many more in phase two, with the opportunity to call upon further council assets, subject to certain conditions and approvals. The phase one sites have been assessed for their commercial viability and the aims of the local authority, in delivering improvements to services and public realm, have been carefully balanced with needs of a private sector developer. Most sites are entirely in local authority ownership and those elements that are not are subject to agreement to support compulsory purchase. The joint venture is intended to be set up as a low risk proposal, with the council and the successful partner each holding a 50 percent interest to ensure commitment and continued momentum.

With retail growth at 10 percent per year, favourable land values, access to a highly skilled and a cost effective workforce and improving transport links, Torbay is an attractive option for a developer wishing to penetrate or consolidate in an important south west conurbation with retail as the primary driver.

All of Torbay’s town centres enjoy close proximity to the seafront as well as enviable topography and aesthetically pleasing architectural backdrops. Devon has close to 32m visitor nights a year and Torbay’s radical new tourism strategy and investment in local attractions further highlights tourism as a major contributor to the economy.
Torbay is already a successful business location, home to worldwide knowledge businesses such as Astra Zeneca, Spirent and Oclaro, representing a key sector in Torbay’s Inward Investment Strategy. Other Torbay Development Agency (TDA) strategies have recently resulted in the creation of a Business Improvement District and the soon to be launched English Riviera Tourism Company (ERTC), a new public/private sector destination management organisation.

“We are offering a robust commercial package with the potential to make good returns on investment for the right backer, who will help us deliver a historic physical and economic regeneration programme,” says TDA chief executive Steve Parrock. “Some authorities have engaged consultants to act as agents, but we believe this would prevent us delivering the best value to our stakeholders. We do have challenges but there are some ‘quick wins’. We have purposely held back on offering these opportunities incrementally, so that we can offer the whole package to a major investor that can help us deliver the maximum benefits of regeneration” he adds.

“We already have the land, the commitment and the expertise - our progress now hinges upon a high calibre developer taking up this unique commercial opportunity. We have big ambitions for Torbay and     we are looking for big players to help us deliver.”