Torbay Council has purchased Fleet Walk Shopping Centre in Torquay as part of plans to regenerate Torbay’s town centres and help boost the local economy.
The Council has purchased the freehold of the 32 prime retail units and car park for an undisclosed sum. The site is home to some of the best high street names including TK Maxx, Sports Direct, Wetherspoons and Starbucks.
Steve Darling, Leader of Torbay Council, said: “The purchase of Fleet Walk Shopping Centre gives the Council an opportunity to regenerate and improve a major part of Torquay town centre. We are delighted that our decision to create the Economic Growth Fund programme is having such immediate impact. This purchase is not about making money, it’s about regeneration and improving the economy. In addition to this, we will continue to work with partners to develop ambitious plans to transform Torbay and its economic growth prospects.”
The Council is utilising its potential to borrow money at low interest rates to fund the investment. The 100Million Economic Growth Fund was created to invest in Torbay to improve the economy, create jobs and undertake regeneration. This purchase demonstrates the Council’s commitment to taking significant steps towards making this happen.
Darren Cowell, Deputy Leader of the Council, said: “This purchase supports the objectives set out in Torbay’s Economic Strategy. It complements other initiatives across Torbay including the Old Toll House, Harbour Lights restaurant and the Harbour View hotel. At a time of challenge, our aim is to invest in the centre to improve the offer for both residents and visitors. It further shows our commitment and belief in Torbay.”
TDA have assisted the Council in this purchase and Liam Montgomery, Director of Asset Management, Investment and Housing, said: “We are delighted to have helped the Council take ownership of what is a strategically important asset. This acquisition demonstrates the Council’s commitment to investing in our place so that the offer to residents and visitors meets expectations”.
TDA is responsible for economic development in Torbay, delivering projects, supporting businesses and attracting investment.