Torbay Council has purchased a prime retail park in Torbay as part of a long-term investment strategy to promote the local economy and generate income.
The council has purchased the freehold of the 47,800 square foot prime retail property at Wren Park, which is home to the large retail stores Next, Mothercare, Outfit and Boots for an undisclosed sum.
In September 2016 the council created an Investment Fund with the purpose of acquiring opportunities and investments which will deliver benefits for the area whilst also generating a profit. This long term income stream will help fund essential council services.
In December 2016 Council approved the proposal to acquire Wren Park.
Councillor Alan Tyerman, Chairman of the Investment Committee, said: “I am delighted to announce that the Council has purchased Wren Park. As government grants to the council are being reduced we have to look at new ways of raising income whilst continuing to support the development of the area. This acquisition, along with others we are considering, are part of the long term strategy to do just that.
“We are not the first council to adopt strategies such as this. Others across the country, including locally both Plymouth and Teignbridge, are seeing benefits from generating income in this way whilst supporting growth in their local economies.”