We have announced an important step forward in plans to support the growth of Torbay's high-tech sector with the acquisition of a business unit at Westfield Business Park.

The acquisition of the unit, and work to refurbish it, forms part of the council's longer-term vision to establish a Technology Park in Torbay, which would capitalise on the strength of the high-tech sector in Torbay, boosting local economic growth and attracting inward investment.

It has been facilitated through £20 million of Government Local Regeneration Fund funding, formerly known as Levelling Up Funding, which was previously secured by the council to boost local employment and accelerate local economic growth in the key sectors of fishing and electronics and photonics.

The newly acquired building on the Westfield Business Park will create 1,765 square metres of repurposed business space, supporting the expansion of businesses within the highly successful Electronics and Photonics Innovation Centre (EPIC) which is currently at capacity.

It will create an estimated 100 new jobs in Torbay's high-tech sector and generate an estimated £10 million in additional economic value each year.

A comprehensive programme of works will now be carried out to modernise the facilities, create four high-quality independent spaces, including two lab spaces, and improve the overall energy efficiency of the building.

Once the work is complete, identified existing EPIC businesses will move into the repurposed unit, supporting these businesses to continue to invest and grow in Torbay, and freeing up additional space in EPIC that will support new high-growth businesses to develop.

Councillor Chris Lewis, Torbay Council Deputy Leader 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, added:

"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. Our technology businesses work at the forefront of the UK’s Modern Industrial Strategy and bring high value jobs to the area."

More information about the Torbay Technology Park project is available on our website.