Market Leads & Opportunities
£32m mixed-use scheme moves forward with funding deal
A funding agreement has been signed to bring forward a new £32m mixed-use development in Torbay, including a new hotel, law firm offices, and food and drink units.Torbay Council and developer THAT Group have confirmed that work on the scheme, located on Torwood Street, Torquay, will start on site in mid-September.Torbay Council will make a commercial loan to the project through its Investment and Regeneration Fund which, along with bank finance and THAT Group’s funds, means that the scheme is fully funded and can proceed.THAT Group’s proposal includes the development of a 130-bed hotel alongside new office accommodation for law firm Wollen Michelmore, and food and drink units.
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