Torbay Council has purchased a prime retail site in Torquay as part of its plans to regenerate Torbay’s town centres and help boost the local economy.
The Council has purchased the building, which has been used as a Debenhams retail store at the Strand in Torquay, for an undisclosed sum after the company went into administration.
This latest acquisition demonstrates the Council's commitment to Torbay as it continues to seek Town Deal and Future High Street government funding.
The building is an important site with adjacent shops, including Boots, Pizza Express and RBS Bank. The store itself is strategically important as it is anchored at one end by Fleet Walk Shopping Centre, already owned by Torbay Council, and Union Square at the other.
Steve Darling, Leader of Torbay Council, said: “The purchase of this retail store is of significant strategic importance to the town centre. Our decision to make this purchase at this time ensures that the site will be used in a positive manner. It will meet the objectives of the Town Centre Strategy in supporting regeneration and improving the economy. We want to ensure that the store will not fall into disrepair and will remain an attractive asset to outside investors.”
The Council will borrow money at low interest rates to fund the purchase to ensure it continues to improve the economy, create jobs and undertake regeneration.
Darren Cowell, Deputy Leader of the Council, said: “This purchase demonstrates an unprecedented move during uncertain times and underlines the Council’s commitment to Torbay. We will continue to work with partners to develop ambitious plans to transform Torbay and its economic growth prospects.”
The TDA has assisted the Council in this purchase and demonstrates the Council’s commitment to investing in Torbay. TDA is responsible for economic development in the Bay delivering projects, supporting businesses and attracting investment.