Future High Streets Funding
We have received £13.36m Future High Streets Funding to kick start the exciting transformation of Paignton town centre.
The community led plans focus on the heart of the town centre, including Station Square and regeneration opportunities at Crossways and Victoria Centre.
The Future High Streets Funding will enable infrastructure improvements, new homes at strategic locations in the town and an enhanced cultural offer.
We initially bid for £14m with a final application amount of £19.2m and with its partners welcomes this funding, which will stimulate matched investment into Paignton town by other private and public investors, totalling in excess of £100 million. This will complement the recent significant investment made in Paignton made by Fragrance Group and St Austell Brewery.
Research shows that every £1 of Future High Streets Funding would secure £7 of further investment. The Council has also shown that, as a result of Future High Streets funding, land values in Paignton town centre would increase by almost £50 million, just under 80 permanent jobs will be created and over 400 homes would be provided for young people, families, retired and older people.
Other projects that will benefit from the funding are the Paignton Flood Defence Scheme and bringing Paignton Picture House back into use.
It is anticipated that work on the first project will begin in the autumn of 2021.
The images below are illustrations of what potential developments in Paignton could look like.
Paignton Station Square