Decision

1. that Cabinet approve the outline proposals for schemes at Brixham Port (Oxen Cove) and Paignton Tech Park as set out in the Strategic Outline Cases at Appendix 1 and Appendix 2 to the submitted report;
2. that Cabinet note that under delegated authority, the Director of Finance in consultation with the Cabinet Member for Housing and Finance, will allocate funding from grant monies to develop the schemes at Brixham Port (Oxen Cove) and Paignton Tech Park pursuant to the Capital Programme; and
3. that Cabinet confirm the current programme cost estimates as set out in Section 8 of the submitted report to enable the figures to be reported to Government at the end of May 2026 as is required by the new Local Regeneration Fund (LRF) quarterly monitoring return.

Reasons for the decision

The decision was based on the strong progress and deliverability of the Brixham Port (Oxen Cove) and Paignton (Tech Park) projects, supported by a clear programme that aligns with Government funding requirements and the continued use of the £20m Levelling Up Fund allocation, now within the Local Regeneration Fund.  Both schemes are well advanced, on track for completion by April 2028, and will proceed as originally approved, with funding allocated in line with agreed timelines and assurance processes.  The projects will help deliver Torbay’s economic vision by investing in key sectors, creating high-quality employment space and supporting job growth.  This includes expanding the photonics industry through Tech Park and strengthening the fishing and aquaculture sectors at Oxen Cove, while enhancing the area’s reputation and visitor experience.  Together, they are expected to generate long-term economic benefits and potential surplus income to reinvest in wider regeneration.

Alternative options considered

Choosing not to proceed would result in Government funding being returned and the loss of potential investment in the local economy.  A range of options for the building design and layout have been explored, with the preferred proposals identified and set out in Appendices 1 and 2 to the submitted report.