Torbay Council aims for hundreds of millions in private investment for regeneration plans

Local officials have expressed their aspiration to draw in hundreds of millions of pounds in private capital to the Torbay region over the coming decade, as part of their revitalization initiatives. The initiatives by Torbay Council, aimed at redeveloping six specific zones within Torquay and Paignton, receive support from a portion of public funds but necessitate substantial private financial backing. The architectural plans for a significant undertaking, involving the demolition of the Union Square shopping centre and its replacement with residential units, communal areas, and an NHS facility, have been unveiled. An proprietor of a retail establishment, potentially facing relocation due to this agreement, commented that communication regarding the proposals should have been more effective. In November 2023, Torbay Council established a Regeneration Partnership alongside developers Milligan and Willmott Dixon. On the disused former Debenhams property situated on Torquay’s harbourside, the partnership intends to construct approximately 50 new residences, various cafes and restaurants, and a 100-bed upscale hotel. The proposals encompass the demolition of the existing car park at Lower Union Lane in Torquay to erect between 100 and 155 new residential units, and the dismantling of the Victoria Centre car park in Paignton to create around 200 homes, accompanied by a reduced-size parking area for shoppers. Approximately 90 housing units, integrated into a care home, are envisioned for the Crossways location in Paignton, with an analogous project slated for Torre Marina in Torquay. On the Union Square premises, a new NHS treatment facility is slated for development, and the multi-story car park will be retained, along with the Pannier Market, which holds listed building status. David Thomas, the Conservative leader of Torbay Council, stated that the council plans to contribute £11m from central government’s Town Deal funding and anticipates drawing in private investment ranging from £50m to £60m. He mentioned that the council has long desired to render the vicinity of Union Square “more residential.” “This is that big piece that’s required to put a stake in the ground,” he commented. “From Union Square up to Castle Circus, it will be residential with businesses and shops further down from the Strand up to Union Square.” Stuart Harris, chief executive of Milligan, stated: “If we were to develop all six sites over the next 10 years we would deliver more than 700 homes.” Mr Harris indicated that the partnership is seeking long-term investors, including pension funds, who are keen on “sizeable investments.” The Union Square location, owned by the council, contains several vacant retail units but continues to house a Greggs outlet and a toy store, The Entertainer. Stephen Holgate, who owns the Pannier Market adjacent to Union Square, mentioned that he is engaged in discussions with the council regarding the potential sale of the structure. He began employment at the market for his father as a teenager in 1969, serving as a “Saturday boy.” He commented: “I think it’s a brilliant idea – everybody knows Torquay town centre at the moment is finding it very difficult and anything that brings new life into the town is great.” The cabinet of the council has, in principle, endorsed the concept of Compulsory Purchase Orders for adjacent properties where an agreement cannot be reached. Luke Cook, proprietor of Nexus Games on Union Street, leases one of the premises slated for demolition as per the proposals. Mr Cook stated he had been “left in the dark” concerning the council’s plans for the locality. “We definitely need rejuvenation in this part of town but there hasn’t been a lot of communication from the council with the existing businesses around here which is disappointing to say the least,” he remarked. Torbay Council indicated its intention to submit a planning application for the Union Square site in 2025, with the expectation that construction could commence in 2026. It further stated that planning permission would be requisite for work on the former Debenhams structure, and no demolition activity is anticipated prior to autumn 2025. Demolition operations at the Victoria Centre are projected to begin in “early 2025,” according to the authority.