UKREiiF – Welcome to Torbay
Welcome to Torbay
It was great to meet you at UKREiiF 2023.
Thank you for taking the time to scan the QR code to find out more information about Torbay and the opportunities we have here.
Torbay is a great place to live, work and invest in and our ambition is to offer a premier marine and natural experience. We are globally recognised in the world of electronics and photonics, our Tech by the Bay, and with our 22 miles of coastline, we are a hub for the active adventure.
Who are we?
The Bay is made up of the three towns of Torquay, Paignton and Brixham. Our population is just over 139,000 and we also attract over 4.5 million tourists every year who come to make the most of our marine and natural environment.
Our key business sectors include:
– Tourism
– Fisheries and Seafood
– Medical & Healthcare Technologies
– Electronics and Photonics
– Advanced Manufacturing
77.3% of our properties receive ultrafast fibre, which is above the England average of 66%. 46.7% are capable of receiving full fibre.
As with other coastal communities across the country, we also have pockets of deprivation, with some of our wards being within the top 20% most deprived across England.
Take a look at our Torbay Story and find out more about who we are and what we are aspiring to be.
Making a difference
We are beginning to deliver generational change and we are working with our partners to invest in our towns, the local economy, transport and infrastructure and our cultural sites and heritage. We are working to provide the local community with spaces to thrive and a place to be proud of as the UK’s premier resort.
Our delivery record and growth ambition
We recognise that delivering change is complex. Since 2018 we have delivered:
– 6,000 sqm space for Nissha Medical Technologies European HQ
– 6,500 sqm space for Casting Support Systems expansion
– EPIC: Electronic and Photonics Innovation Centre
– Worked with THAT Group to bring Hampton by Hilton brand to Torquay
– Working with Fragrance Hotel who have invested in the Bay to deliver a number of hotels and accommodation
Looking forward we have ambitions to:
– Regenerate our town centres
– Extend the successful Brixham Fish Market
– Build a new Electronic and Photonics Production Park
– Improve our gateway to Torbay at Edginswell
– Work with South Devon College with a 2030 Higher Education Vision
Opportunities
- Town Centre and Union Square: Working through Scape Framework for pace. There is a professional team involved which includes Wilmott Dixon, Holder Mattias (architects) and JLL. Torbay Council acquired Union Square and are developing a land assembly approach. The Council are willing to use its covenant and property needs for this scheme. Homes England are involved with early stage engagement.
- Living Coasts
- Edginswell Click here to find out more
- Pavilion Click here to find out more
- Photonics Park
- Victoria Square: This site is located within the centre of Paignton with several roads leading to it from the east and south. Train and bus stations, parks, local amenities, and the sea front are all within close proximity of Victoria Centre. Victoria Park, which once used to be part of the site, is immediately to the north of the plot. To the east and south of the site there is housing and small hotels. The railway line is situated to the west of the existing Victoria Centre and runs parallel with an existing pedestrian route which sits between the building and the train line. The surrounding built context generally comprises a mix of red brick and render late Victorian and early Edwardian terraces.
- Crossways Click here to find out more
Commercial Benefits
With regard to investment, we understand risk appetite and can create a welcome and secure investment environment. Here in Torbay we have a strong civic leadership and can demonstrate market appeal, demand, growth and scheme viability.
Identifying market yield expectation, IRR and hurdle rates (or ROI)
Understanding project risks, viability, feasibility and market demand
Mitigating investment risk via potential anchor operators or pre-lets
Potential for public sector intervention by way of securitising income streams, such as a lease wrap or strip lease for example, grant and/or equity input – a need for strong civic leadership and direction
Clarity around the cap stack, equity and senior debt ratios, and/or mezzanine. Level and type of security available, including cost of capital
Equity expectations of the project owner/developer/delivery partner
Timescales to deploy, due diligence and approvals process
A strategic investment partner
A partner who shares the vision
Correct risk appetite and a partner who can help shape the project
Torbay will work with you to attract the correct partner to make this work
Strong track record of delivery
Public/private partnership
Exit strategies to be agreed – Flexible and open
Joint venture/SPV/urban regeneration vehicle.
Short term – Forward fund the project funding/capex.
Medium term – stabilise the income before exiting into an annuity.
Long term relationship and willing to fund the development as a patient investor working alongside Torbay in the delivery of the wider regeneration.
Next Steps
We are flexible on our delivery routes and it is important that we have partners that get Torbay and to invest in the place not just for the return.
If you would like to learn more about the opportunities available here in Torbay or have any questions you can contact us by emailing: invest@torbay.gov.uk
Alternatively, please contact:
Anne-Marie Bond, Chief Executive Officer by calling 01803 207160 or email: anne-marie.bond@torbay.gov.uk
Alan Denby, our Director of Pride in Place by calling 07788 691912
