Working on behalf of Torbay Council, TDA has acquired additional investment assets to drive an increase in the Council’s income.
TDA’s Estates Team ensures that occupancy levels of Torbay Council owned property assets of over 600 properties remain at 97%. TDA also manages the Council’s Investment and Regeneration Fund to identify further investment opportunities that will deliver a positive return.
This additional net income of £3.3m helps Torbay Council sustain essential services at a time of challenge, to help make a difference to residents and businesses in Torbay.
Torbay’s Elected Mayor, Gordon Oliver, said: “Working under the instruction of Torbay Council, TDA has invested in assets which are providing a vital income to the Council’s budget. By keeping the occupancy levels high we are maximising the revenue from these assets, which is used to deliver essential services at a time of challenge and to reinvest in Torbay.
“We are making better use of our assets, such as the new developments at the Old Toll House in Torquay and Harbour Light restaurant on Paignton Harbour, bringing investment, development and regeneration into Torbay.”
TDA marketed and found operators for the Old Toll House and Paignton Harbour developments, which in return increases Torbay Council’s asset base, rent roll and business rates, while providing more jobs and regenerating key areas of Torbay.
Liam Montgomery, Director of Asset Management, Investment and Housing at TDA, said: “The Council’s Investment and Regeneration Fund has seen an acquisition of The Range at Babbacombe and an investment loan of £9.25m for the Torwood Street development by THAT Group to facilitate growth and local investment.
“Further to this, the acquisition of land in Edginswell has unlocked a strategically important piece of land to bring forward growth and regeneration at Torquay’s gateway.”
TDA supports local authorities and public sector organisations across the South West to proactively manage their asset portfolio performance. Delivering savings, generating revenue and, where possible, releasing value for reinvestment allows organisations to get optimum performance from their asset base.
Paul Palmer, Estates Manager at TDA, said: “Property is a vital asset for any business and public sector organisations are going through a significant period of change due to central government cuts. Organisations need to look to the future to ensure their asset base is fit for purpose. The work we do for Torbay Council ensures that across its commercial estate of 662 assets, each of them are generating an income that helps the Council achieve its objectives.”