Torbay Council Purchases Landmark Debenhams Retail Store
Torbay Council has today, 1st May 2020, purchased a prime retail site in Torquay as part of its wider investment plans to help regenerate Torbay’s town centres and help boost the local economy.
The building, which has been used as a Debenhams retail store at the Strand in Torquay, has been purchased for an undisclosed sum after the company went into administration.
This latest acquisition clearly demonstrates the councils commitment to Torbay as they continue to seek Town Deal and Future High Street government funding.
Shops either side of the site include Boots, Pizza Express and RBS Bank, making it an important part of the harbour side development. The store itself is also strategically important as it is anchored at one end by Fleet Walk Shopping Centre, an already owned by Torbay Council site and Union Square at the other end of the high street.
Steve Darling, Torbay Council Lead said:
The purchase of this retail store is of significant strategic importance to the town centre. Our decision to make this purchase at this time ensures that the site will be used in a positive manner. It will meet the objectives of the Town Centre Strategy in supporting regeneration and improving the economy. We want to ensure that the store will not fall into disrepair and will remain an attractive asset to outside investors.
The money to purchase ha come via an low interest loan, ensuring it continues to improve the local economy, create jobs and undertake regeneration.
Darren Cowell, Deputy Leader of the Council:
This purchase demonstrates an unprecedented move during uncertain times and underlines the Council’s commitment to Torbay. We will continue to work with partners to develop ambitious plans to transform Torbay and its economic growth prospects.
The Torbay Development Agency (TDA) has assisted Torbay Council with the acquisition and clearly demonstrates the ongoing commitments and unity within Torbay. TDA is responsible for the economic development in the Bay delivering on projects, supporting local businesses and attracting investment.