Cabinet is being asked to approve the transfer of land purchased at Collaton St Mary to its wholly owned company TorVista Homes.

We purchased the land at Little Blagdon Farm, from Torbay Coast & Countryside Trust (TCCT) in February 2019 after we successfully secured Land Release Funding in March 2018.

Approval of the transfer would mean that we can continue to meet the conditions of the Land Release Fund (LRF) and ensure the site can be brought forward for residential development.

Following the purchase, we marketed the land, but by August 2020 the tender process was concluded without a suitable offer for the site. In October 2020 we decided to pursue an open market disposal and a preferred bidder was selected in February 2021. Despite efforts to agree a sales contract that was acceptable to both parties, changes in market conditions meant the developer was not able to honour the terms they put forward. As a result, we removed the preferred bidder status and terminated the arrangement.

Plans to bring forward land at Collaton St Mary for residential development were first identified in the Masterplan for the area in 2016, following a public consultation exercise.

Significant work has already been undertaken by us using the funding secured to prepare the site for development.

The LRF grant terms specify that if a site cannot be released or transferred for development by 2023 then funding would need to be returned. With the private developer unable to bring forward a financially viable scheme at this time, the transfer of the land to TorVista Homes would secure the land for the development of much needed local housing in the future.

If Cabinet decided not to approve the decision, then we would be liable to pay back some of the LRF monies received, which could negatively affect our ability to access future funding.

Cllr Darren Cowell, Deputy Leader of Torbay Council, said; “Every effort was made to work with the preferred bidder to bring forward a planning compliant scheme. Unfortunately, the uncertainty in the housing market in terms of development costs and people’s ability to secure affordable mortgages meant a viable scheme could not be delivered at this time. In these uncertain financial times, we need to ensure we act not only in the best interest of the Council, but the local people.”

Cllr Swithin Long, Cabinet Member for Economic Regeneration, Tourism and Housing for Torbay Council, said; “The transfer of ownership to TorVista Homes does not mean development works will start straight away. It means we can look at options on how and when best to bring the site forward, without jeopardising the funding we secured – which is vital if we want to provide more good quality homes for local people.”

Cabinet is due to make its decision at its next meeting on Tuesday 10 January 2023.

The full report being considered can be viewed here (item 14 on the agenda). 

Discover more about TorVista Homes our wholly owned company.