The £6.5m investment project continues to move forward at pace to ensure project completion by May 2018 with Japanese owned Graphic Controls Ltd moving into Torbay later in the year.
With a steel framework now being put in place, the next steps of the construction will see cladding, windows, brickwork and flooring put in place as the project reaches another milestone in the 64,500ft² factory build.
Torbay’s Elected Mayor, Gordon Oliver, said: “It is great to see the progress being made on site by our construction partners Midas. The Council’s decision to invest in this project shows our ambitions 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.”
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.
Torbay Council’s Investment Fund provides the authority with the opportunity to acquire and invest in property and land 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.
Graphic Controls Ltd had been looking for modern, improved production facilities as an alternative to their current premises, 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.
The ingenuity of the project was recognised as a Property Deal of the Year finalist at the Insider South West Property Awards.
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.
The region provides great opportunities for local and foreign owned companies to grow and expand in key sectors, with a number of businesses exporting across the world.