Council to make £6.5m investment in a new factory to be occupied by South Devon Firm
Torbay Council is to invest £6.5m in a construction project that will see a 64,500ft² factory built for Graphic Controls Ltd who will be moving into the Bay.
The move supports Torbay Council’s strategy of making long-term investments that both promote growth of the local economy and that generate rental income for the Council.
The investment will enable local developers Midas Commercial Developments Ltd to develop further land at Phase 6 of Torbay Business Park, Whiterock, Paignton to provide a new home for Japanese owned Graphic Controls Ltd.
Graphic Controls is a global corporation with manufacturing operations and sales offices in the USA, Canada, Europe and the UK. Graphic Controls ship to over 60,000 customers in over 80 countries worldwide.
With over 100 years of manufacturing expertise, Graphic Controls continues to grow becoming a leading supplier of consumable products for Industrial, Medical and Gaming markets. Graphic Controls Ltd have been looking for modern, improved production facilities as an alternative to their current production facilities at Baltic Wharf in Totnes where they have been based for the past 15 years and without this site may have left Devon.
With sites in Germany and France, the company has looked at options across Europe, but this investment in Torbay will ensure that the company stays in South Devon, safeguarding existing jobs locally and leading to job growth in Torbay in the future.
Torbay’s Elected Mayor, Gordon Oliver, said: “We are delighted to be able to welcome Graphic Controls to Torbay.
The Council have made a conscious decision to invest, to support the local economy, protect and create jobs and encourage more businesses to invest in Torbay.
“Business in Torbay continues to develop through regeneration projects, such as the Electronics and Photonics Innovation Centre, with further investment planned.
These projects will further enhance the competitiveness of the wider region and provide investment and expansion opportunities.”
In September 2016, the Council created an Investment Fund with the purpose of acquiring opportunities and investments which will deliver benefits for the area whilst also generating a profit.
The rents paid to the Council through the fund will generate a long term income stream to help fund essential Council services.
Alan Denby, TDA’s Director of Economic Strategy and Performance, said: “TDA continually review the market to identify investment opportunities on behalf of Torbay Council. This particular development will ensure that jobs of Torbay residents will be secured; creating more jobs, and generates a rental income for Torbay Council. This initiative positively reflects the efforts of Torbay Council and TDA to deliver Torbay’s Economic Strategy and Corporate Plan.”
Tony Slatter MD, Graphic Controls, said: “The support from Torbay Council and TDA made the decision to relocate to Torbay an easy one. The investment in, and development of, the land at Torbay Business Park means that we are able to move our business to a modern facility that enables us to grow.”
Steve Russell, Director of of Midas commercial Developments, said: “This has been an exciting project to bring together with the Council and Graphic Controls and we are now really looking forward to progressing with this latest development at the Business Park. Phase 6 has already seen the construction of 35,000 sq ft of commercial units, currently occupied by other local firms including Two Bare Feet and China Blue. Graphic Controls will be a welcome addition. More units of varying sizes are planned in the near future with Phase 6 having capacity for a further 100,000 sq ft in total.”
Planning Permission was granted for the development in March 2017. With contracts now having been exchanged between the three parties construction will commence in July 2017 with Graphic Controls moving into the new building in May of next year.
With an improving transport infrastructure, a growing number of important businesses and clusters of businesses, who work closely with a strong education sector, the future for Torbay is hugely positive. To find out more about the investment opportunities in Torbay visit www.investintorbay.com or call Investment Development Manager, Jason Buck on 01803 208799.