The Council will tonight consider a report on the future structure and operation of TorVista Homes.

TorVista Homes was set up in 2019 as a wholly owned company of Torbay Council. Since then, it has delivered 32 homes across Torbay, and successfully gained planning permission for around 300 more.

However, a change in market conditions, escalating construction costs, rising interest rates and the Covid pandemic, means TorVista Homes has been unable to fully fulfil its objective.

Initially set up to ‘develop and own homes with the overarching aim of maximising income back to the Council’, the viability of bringing other developments forward has become more and more challenging.

Council will therefore be asked to approve a recommendation that TorVista Homes be dissolved with effect from 1 April 2024. If the recommendation is approved, following consultation with TorVista Homes tenants, the homes will be transferred to us for ongoing tenancy management.

Moving forward, we will consider how we can continue to influence and drive priority housing developments to tackle Torbay’s affordable housing crisis. Particularly the provision of Extra Care Housing, homes for care experienced young people, supported living and temporary accommodation.

Cllr Alan Tyerman, Cabinet Member for Housing, Finance and Corporate Services for Torbay Council, said; “TorVista Homes has been able to supply much needed homes for local people, and leaves us with a good legacy to take forward.

“With council budgets under increasing pressure, and despite efforts to reduce operating costs, it is proving too challenging, too high risk and too costly to move any further developments forward through this model. The Council recognises that there is a need for affordable housing in Torbay and will continue to explore how we can best ensure affordable homes are made available for local people working with the Strategic Housing Board, housing associations and others to deliver for the community.

“Finally, I’d like to thank those who have demonstrated commitment and made significant contributions to the work of TorVista Homes”.

Read the full report being considered by Council.  

Members of the public can watch the meeting live from 5.30pm on our YouTube channel.