Work has started on a huge new development to turn land at Claylands Cross into a multi-million pound business park.
Claylands Business Park will provide up to 120,000 sq ft of employment space, with the construction programme by Midas Construction now underway.
TDA, on behalf of Torbay Council, secured £2.04M of the Heart of the South West Local Enterprise Partnership’s (HotSW LEP) Unlocking Growth Funding for phase one development of the new £10million base in Paignton.
Councillor Swithin Long, Torbay Council Cabinet Member for Economic Regeneration, Tourism and Housing, said: “This site has been identified as an area which can be developed to the benefit of local businesses and economy.
"The new Claylands Business Park will act as a hub to support the growth strategies for ambitious and innovative businesses, who want to grow and remain internationally competitive. Investment projects like this will help secure Torbay’s long term economic prosperity and deliver large-scale growth targets, providing new jobs.
"We are pleased that our Local Enterprise Partnership has recognised the potential of Claylands to achieve the aims of its Growth Deal Funding – creating jobs and growth - and allocated Unlocking Growth Funds to the project.”
The HotSW LEP funding matches an £8million investment in the site by Torbay Council to provide new, high quality employment space, which will create new jobs and boost the local economy. Torbay Council’s investment will generate rental income for the people of Torbay while creating new jobs in the Bay.
Karl Tucker, Chair of the Heart of the South West Local Enterprise Partnership, said: “Claylands Business Park is an excellent project and an ideal investment for our Unlocking Growth Fund, which is investing in projects across Devon, Plymouth, Somerset and Torbay that will provide valuable business space for a range of sectors to generate local growth.”
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The 10 acre brown field site, located on the Brixham Road in Paignton, will provide occupiers with sought after industrial, warehouse and office space for local, expanding companies with high growth potential and to accommodate new inward investment.
Mike Borkowski, Business Development Director at Midas Construction, part of the Midas Group, said: “We are delighted to begin work on this exciting project, which will provide top-quality working space for innovative Torbay businesses and contribute to the wider economic success of the local area.
“We have worked in partnership with TDA and others on a number of projects in recent years and as a regionally-based business we are proud to be playing our part in what is an exciting period of regeneration for Torbay.”
Vince Flower, Chairman of TDA, added: “We expect that Claylands Business Park will provide a significant boost to the economy, initially contributing over £13.3 million per year to Torbay.
"We are very pleased to be able to bring this site forward and respond to interest from occupiers. This type of active development is to help meet the shortage of suitable premises which has held back the Bay’s economy in recent years.”
TDA’s Professional Services teams will manage the project, while supervising the works carried out on site and surveying the development. Torbay Council has appointed Midas to carry out the works, which will include development of the entrance to the site, service diversions, connecting utilities and work on the public highway and Brixham Road.
It is anticipated that the enabling work will be complete by April 2020 and the units will be finished and ready for use by the end of 2020.