A new land deal in Newton Abbot worth over £1 million has seen Teignbridge District Council unlock the potential for wide-reaching regeneration and improvement work.
The district council has bought three key properties spanning 3.5 acres on the Bradley Lane Industrial Estate, which is located close to the town centre. Among them are the old Bitz warehouse and a former tyre-fitting centre. Over time the move will enable the regeneration of the area, with the potential to replace old buildings with new workplaces, offices and homes, to improve the quality of the roads in the area and the exposed leat, and to improve and extend foot and cycle paths along the River Lemon.
Over two-thirds of the purchase cost has been funded using government Growth Point funds allocated to Teignbridge in recognition of its status as an area which is ripe for economic and domestic growth in the future. In the short term, the return to the council in rent from its latest assets will be higher than can be obtained from investment in the financial markets, making it good value for local taxpayers. In the longer term Teignbridge expects to benefit from an increase in land values and an opportunity to work in partnership with the private sector to redevelop the site and increase the number and quality of jobs available to local people.
A scheme to regenerate the Bradley Lane area was identified in the Newton Abbot Town Centre Regeneration Study, which was released for public consultation in July this year and is expected to be published in its final format in Spring 2011.
Future proposals for the area would be in keeping with the 10 key concepts of the study, and detailed proposals will be developed with the involvement of the community.
More details on the Newton Abbot Regeneration Study are available online.
(from a press release)