The Local Asset Backed Vehicle, 50% owned by the council, will use local authority assets as a catalyst for attracting inward investment and local area improvement. It is expected to be legally established in the next couple of months.
The private sector partners were selected by Torbay Development Agency on the basis of track record and experience through public tender. Detailed proposals for numerous sites across the south Devon resorts will be drawn up in due course and put out for consultation before being submitted to the council for approval.
First schemes expected be brought forward include developing Torquay's Town Hall, Terrace car park and parts of Union Street, while in Paignton projects include the Victoria Centre, Station Lane and Claylands.
Torbay Development Agency chief executive Steve Parrock said: “We are delighted with the outcome of the procurement. The decision to appoint two strong and active partners, with the necessary experience and financial ability, will enable Torbay Council and the Torbay Development Agency to put in place robust regeneration plans for reversing the Bay's economic decline. “
Mayor of Torbay Nick Bye said: “This is a huge boost to the Bay, it is the fruition of months of hard work and intensive negotiations with leading figures in the development industry and it will result in real progress for our ambitious but achievable programme for the regeneration of the New English Riviera. This will benefit all communities.
”To have such major players involved in partnership with us is a massive sign of confidence and will act as a catalyst for further investment enabling local businesses to flourish. We are truly turning the tide during tough economic conditions and this together with encouraging news on the South Devon Link Road means we have our best ever chance to deliver economic growth and new jobs. “
Nigel Greenhalgh, spokesperson for the Sir Robert McAlpine/Deeley Freed Joint Ventur,e said:
“We are thrilled to be appointed as Torbay's preferred bidder and are very excited to be working with the Council, the TDA and the community to deliver major projects for the Bay. Torbay is an outstanding location and we aim to bring investment and secure the type of regeneration the Bay needs to deliver growth and jobs.”
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