Decision – Levelling Up Funding Round 3

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.

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.

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.

The decision will come
into force and may be implemented on 26 May 2026 unless the call-in
procedure is triggered (as set out in the Standing Orders in
relation to Overview and Scrutiny).

The projects have been
in development since autumn 2024, following confirmation of
Levelling Up Fund support, and have progressed through a range of
logistical and design challenges to reach their current
stage.  At Paignton, the success of the
Electronic and Photonics Innovation Centre (EPIC) building has
created a need for additional high-specification
“grow-on” space, as existing capacity was now full and
limiting the natural progression of photonics
businesses.  The Tech Park would address
this by enabling high-value companies to scale and remain within
Torbay.  At Brixham, the port is
operating beyond its intended capacity, with limited facilities to
support processing and added value, resulting in much of the catch
being exported elsewhere for processing.  The development at Oxen Cove will provide modern
employment space to support expansion, diversification, and the
growth of a more sustainable and higher-value fisheries sector,
helping to retain economic benefits locally and strengthen the
Brixham brand.