Torbay Council has received £13.36m Future High Streets Funding to kick start the exciting transformation of Paignton town centre.
The community led plans focus on the heart of the town centre, including Station Square and regeneration opportunities at Crossways and Victoria Centre.
The Future High Streets Funding will enable infrastructure improvements, new homes at strategic locations in the town and an enhanced cultural offer.
The Council initially bid for £14m with a final application amount of £19.2m and with its partners welcomes this funding, which will stimulate matched investment into Paignton town by other private and public investors, totalling in excess of £100 million. This will complement the recent significant investment made in Paignton made by Fragrance Group and St Austell Brewery.
Councillor Steve Darling, Leader of Torbay Council, said: “This is a timely and much-needed boost for Paignton. Our towns and our town centres continue to feel the impact of COVID-19 and we are starting to see its full economic impact. The Future High Streets Funding is vital for Paignton Town Centre as it provides us with the resources to accelerate the regeneration of these key sites. This will support the recovery and repositioning of the town centre improving the long term sustainability of businesses in Paignton. We know that over 75% of businesses in Paignton town centre are independently owned. They employ local people and provide valued local services. Their success is vital to people and families in Torbay.”
Darren Cowell, Deputy Leader and Cabinet Member for Finance, said: “The Council’s plans for the use of this funding is supported by 24 regional and local organisations, local MPs, business and community representatives, health care organisations and transport companies. The Council is very grateful to all those people and organisations, from the Heart of the South West LEP to Torbay Road Traders Association, for their support. We will continue to work hard, with partners, to ensure Paignton is successful.”
Research shows that every £1 of Future High Streets Funding would secure £7 of further investment. The Council has also shown that, as a result of Future High Streets funding, land values in Paignton town centre would increase by almost £50 million, just under 80 permanent jobs will be created and over 400 homes would be provided for young people, families, retired and older people.
Other projects that will benefit from the funding are the Paignton Flood Defence Scheme and bringing Paignton Picture House back into use.
Swithin Long, Cabinet Member for Housing, Regeneration and Tourism, said: “This announcement follows months of hard work by Members and Officers working alongside the community to prepare a strong funding bid. The uses outlined in our plans share the views and ambitions of local residents and businesses, all of who want to see successful regeneration of the town centre happen quickly. Greater diversity of use in the centre of Paignton and resilience to change is vital for Paignton. At present very few people live in the town centre and residential sales values are over 14% lower there than in the rest of Paignton. Delivering more, high quality homes to meet market demand and business needs will help drive more footfall, spend, diversity and increase land values. This is a very exciting time for Paignton.”
Louise Gilson, Chair of Paignton Town Centre and Preston Community Partnership, said: “We very much welcome this funding to support the ambitions of community and business partnerships in Paignton. I know the Council has worked hard to ensure the uses of this funding is right for Paignton town centre and responds to what the community has said it wants. We are very much looking forward to delivering these exciting plans.”
It is anticipated that work on the first project will begin in the autumn of 2021.
To see a summary of the final bid visit: www.investintorbay.com/town-centres-regeneration/future-high-streets-funding