It has been confirmed today by the Government that Torbay has been successful in securing further Levelling Up Funding.
This funding will accelerate economic growth locally and provide more employment opportunities in the key local sectors of fishing and electronics and photonics.
Torbay Council’s Leader, Cllr David Thomas, said: “We are delighted to hear this news from Government today that has once again identified Torbay to receive more Levelling Up funding. This brings the amount of funding from the various pots secured for the Bay to over £100 million.
“This latest announcement means that our three towns of the Bay – Brixham, Paignton and Torquay will all be receiving funding to support them in in levelling up, improving our place for those who live, work and visit here.
“There are significant opportunities in the fishing and hi-tech sectors and these projects will help drive more high value jobs as well bringing in high export potential.”
The fishing proposal sets out how land will be reclaimed to extend the harbour and fish market in Brixham. This project will include the delivery of an extra 7,000m² of quayside, creating additional landing space. This will enable up to an extra five fishing vessels to off-load simultaneously. It also includes the construction of two new auction halls, doubling the current capacity.
These investments could lead to an increase in landed fish value of up to £20 million per year within five years. Creating a forecasted 150 additional year-round jobs and more than £11 million, adding value per year in fishing and linked activities.
Torbay’s Tech by the Bay Hi-Tech sector continues to evolve, developing expertise in electronics and photonics, providing economic resilience and high value jobs. Building on this internationally recognised local expertise, investment in an Electronics and Photonics Production Park will provide new production and manufacturing facilities at Torbay Business Park. This will provide specialist production facilities, extending innovation, enabling the growth of key businesses in the sector and attracting further inward investment.
The Electronics and Photonics Production Park will help create more high value jobs in the local area. A new purpose built 2,040m² production centre will accommodate the expansion of a local company, creating 175 new jobs and £18 million GVA. Furthermore, investment in infrastructure will unlock 1.2 Hectares of land, enabling the development of 3,700m² of much-needed manufacturing and production space. This will create an additional 100 new, high-value jobs in the medium term.
Torbay Council will now start the process to ensure that these schemes can progress as soon as possible.
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