Council investing £2.5m in Paignton holiday park
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Torbay Council is to make a multi-million investment in a holiday park it owns at Paignton.
The upgrade at Waterside Holiday Park off Dartmouth Road will pay for a new indoor pool and six lodges.
The council’s Cabinet approved an investment of up to £2.5million at the site that is operated by Park Holidays UK Ltd on a 99-year lease, which began in 2002.
Cabinet member for economic regeneration Swithin Long said: “Improved facilities will help attract repeat visitors, it is a real opportunity.”
Deputy council leader Darren Cowell said some of the facilities at the park were 'a little bit dated'.
Liam Montgomery, director of asset management, investment and housing of TDA, the council’s economic development company, said the local authority was the freehold owner of the site.
The proposed deal would see the lease extended and the rent increased, which would cover the council’s costs and generate a small return.
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He said the council would effectively be investing in its own asset with better facilities to support tourism and the local economy.
A report to the meeting said the holiday company paid £147,700 in annual rent, linked to the retail price index, with a five-yearly review next due in 2021.
The company asked for the investment to improve facilities and has offered to pay additional rent of £120,000 a year, index linked after 10 years.
The report said a new lease agreement would cover the arrangements and the company would need planning permission for the development.