An investment package of £7m has been secured for Torbay as part of a wider sub regional deal brought about by the success of a Heart of the South West Local Enterprise Partnership Growth Deal bid.

The Heart of the South West LEP agreed the Growth Deal with Government which includes £130.3m from the Government’s Local Growth Fund to support economic growth in Devon, Somerset, Plymouth and Torbay.

The deal will unlock further investment of £140m from the private sector and local partners throughout the LEP area.

Torbay has been allocated £4.4m funding and a £2.6m loan, details of each project are:

Torquay Gateway - £3.4m

Road junction improvements between Scott’s Bridge, Shiphay and Gallowsgate to improve access to the town centre and maximise opportunities provided by the South Devon Link Road.

Torquay Town Centre Access - £0.4m

Reorganisation of traffic flow to improve access to Torquay Town Centre through the reversal of traffic flow through Torre (Union Street).

Marsh Barton/Edginswell Rail Halts - £0.6m

Adding to the funding already received via the Local Transport Board (LTB) to enable the delivery of new railway stations at Edginswell and March Barton. Improvements to the rail network is part of the Devon Metro scheme which will strengthen Torbay’s transport links with Exeter, Exmouth and the wider national network.

Also allocated is a £2.6m loan to Galliford Try/Linden Homes to accelerate the delivery of the approved housing scheme at White Rock, which will also accelerate the delivery of new employment space.

This latest announcement follows the previously secured £7.3million from the Growth Deal for the Western Corridor (Torbay Ring Road) improvements, which will improve access and junctions between Tweenaway Cross and Long Road and works in the north towards Churscombe Cross, to open up land for business growth and encourage investment.

In addition to this funding, the Growth Deal also includes a number of non-financial offers by Government including the facilitation, by Infrastructure UK, of joint working between Network Rail, the Highways Agency, the Environment Agency and the Heart of the South West LEP to protect people, property and critical infrastructure. There is also agreement that Network Rail and the Highways Agency will engage actively with the LEP to enhance the area’s strategic road and rail transport networks.

Gordon Oliver, Mayor of Torbay, said: “I warmly welcome the confidence that the Government has shown in the work of the Heart of the South West partnership, our economic strategy and our asks in this Growth Deal. This is another step forward for our partnership and I congratulate the team for their hard work in putting forward these plans. I’m particularly pleased that within the Growth Deal the infrastructure needs of the Torbay economy have been clearly recognised.

“The transport improvements that we will be delivering will complement the South Devon Link Road and further improve the connectivity of our three towns with employment in and outside of Torbay.

“We look forward to further close working with our Heart of the South West partners so that we can continue to address Torbay’s critical economic needs with further investment to bring forward sites, premises and skills appropriate for our businesses growth.”

Steve Hindley, Chairman of the Heart of the South West Local Enterprise Partnership (LEP), said: “This deal is a huge success for our area. It will drive significant investment in transport infrastructure across our area, improving our connectivity and opening up key sites for housing and employment growth. It will also help us kick start investment in skills to boost productivity and create jobs in new industries like nuclear and environmental science, as well as existing ones like engineering and marine.

“It is also a great achievement for us as a Local Enterprise Partnership. There are 39 LEPs in England and the Local Growth Fund was oversubscribed by three times so we are really pleased to have secured as much as we have. We may cover the largest geographical LEP area in the country but we’re a very strong partnership. It is testament to the hard work of all our partners - in the private, public, education and voluntary and community sectors - that our plans to transform our area’s economy have been backed by government in this way.”

The deal means that, in Torbay, there will be substantial investment in transport infrastructure including support for the Torquay Gateway project and improved access to Torquay town centre.

Tim Godfrey, Vice Chair of Torbay Business Forum, said: “This is great news for Torbay as the extra spending on infrastructure projects will complement the South Devon Link Road. Improved accessibility will further drive inward investment and also encourage local businesses to expand creating more high value jobs.

“Torbay Business Forum also supports the call for town centre investment and this funding will help to strengthen the case for breathing new life into the High Street. This really is excellent news for Torbay.”