Future High Streets Funding
Some good news during these challenging and uncertain times for the UK economy, as Paignton’s chances of receiving Future High Streets Funding took another step forward last week.
A draft final business case was submitted by TDA, for Torbay Council, on Friday 13 March, asking the Government for up to £18.8 million investment to deliver a range of projects in Paignton Town Centre. It includes new housing, much improved public space and a flood defence scheme.
If the bid is successful, the Council anticipates that land values within Paignton will increase significantly, attracting around £98 million of further investment. For every £1 of Government investment there will be significant further investment, which shows that this investment has a great cost to benefit ratio.
Part of the bid will help deliver around 400 new homes in the town centre over the next 5-10 years. This will not only meet the needs of Paignton’s growing population, but the delivery of homes for young people, professionals and families will ensure business needs are met and will support wider economic growth. People living in those homes will add much needed footfall and spend in Paignton town centre, ensuring local businesses are more viable and encouraging a more diverse offer in the town centre.
What improvements to Torbay Road could look like: