Some good news during these challenging and uncertain times for the UK economy and town centres, as Paignton’s chances of receiving Future High Streets Funding took another step forward last week.
A final business case was submitted by TDA, for Torbay Council, asking the Government for up to £19.2 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 significant further investment. For every £1 of Government investment there will be around £7 of additional investment into the town centre, showing Government that its investment of £19.2 million is good value for money.
Part of the bid will help deliver over 400 new homes in the town centre over the next 5-10 years, at Crossways, Victoria Centre and around Paignton Station Square. 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.
The bid also includes infrastructure improvements, including the delivery of a new flood defence scheme. Paignton Station Square, Paignton Station and Torbay Road will also see improvements, better connecting the town centre and sea front, providing more space for pedestrians, outdoor space for cafes / restaurants, better linking parks and green spaces in the town, and to encourage more walking and cycling. These improvements are all in line with COVID-19 requirements.
Paignton Picture House also features in the bid, with a proposal for the first phase of work to open up the building to the public, with a cafe and community / meeting space.