Work to begin on first phase of Torbay Technology Park vision

The council has purchased a unit at Westfield Business Park as part of its long-term ambition to establish a Torbay Technology Park, aimed at supporting innovation, attracting investment and creating skilled local jobs.

The acquisition has been made possible through £20 million of Government Local Regeneration Fund funding, previously secured to boost employment and economic growth in Torbay's fishing, electronics and photonics sectors.

The refurbished building will provide 1,765 square metres of business space for companies currently based at the Electronics and Photonics Innovation Centre (EPIC), which has reached full capacity.

Once completed, the development is expected to support around 100 new jobs and generate an estimated £10 million a year for the local economy.

The refurbishment will create four independent business units, including two laboratory spaces, while improving the building's energy efficiency.

Businesses moving from EPIC into the new premises will free up space for start-up and high-growth companies, helping to support further innovation within the sector.

Councillor Chris Lewis, Deputy Leader of Torbay Council and Cabinet Member for Place Development and Economic Growth, said: "The acquisition of this unit will provide much-needed space to support Torbay's growing high-tech sector, building on the success of the EPIC, and helping existing businesses to stay, innovate and succeed here in the Bay.

"It represents the first step towards our longer-term vision of establishing a Torbay Technology Park, which will capitalise on the strength of the high-tech sector and its growing reputation for innovation, accelerating local economic growth and helping to attract further investment.

"By investing in key growth sectors, and the delivery of high-quality business space, we can better support our business community to innovate and grow, open up inspiring job and learning opportunities that will encourage residents to build careers locally, and build a more resilient and sustainable local economy."

Chris Wardle, Chair of Torbay's Hi-Tech Cluster, welcomed the announcement.

He said: "This is a great opportunity for Torbay's hi-tech sector and builds on over 70 years of expertise at the forefront of world-leading technology in the Bay.

"Torbay Technology Park will allow further growth of Torbay's hi-tech businesses and nationally renowned Hi-Tech Cluster and will provide further opportunities for investment into the area."

The council says the acquisition marks the first phase of its wider vision to establish a dedicated technology park that will strengthen Torbay's reputation as a centre for innovation and advanced manufacturing.