Plans to regenerate the centre of Newton Abbot would bring significant economic benefits, not only to the town, but also to the surrounding area, says Teignbridge Councuil.

A spokesperson said: ‘That’s the conclusion of a financial appraisal which will be considered by councillors at its meeting today (Thursday) when it decides whether to approve the revised £13 million investment plans for the town and invest a further £600,000 into the Government’s Future High Street-funded regeneration project.

The report estimates a £42 million overall economic benefit.

‘It concludes that the town’s reputation would be enhanced, land values would increase, an additional 41 full time equivalent jobs would be created and the traffic and travel changes in Queen Street and in the National Cycle Network would reduce congestion, improving physical health, journey quality and the environment.

A ‘much-improved town centre offer and experience’, says the report, would benefit the surrounding areas while the redevelopment scheme would boost ‘town centre footfall and spending, with associated benefits to the wider commercial markets.’

Land values in the area would increase as would the value of the council’s own assets and the creation of a more resilient town centre would ultimately improve the offer and reputation of Newton Abbot as a place to live.

Highlighting that incomes in South Devon are around £2,090 lower than the UK average, the report argues that a ‘well-functioning town centre’ is a mechanism for ‘levelling up’ locally as well as bringing wider economic benefits which would include:

► Increased economic resilience – ensuring the financial success and vitality of Newton Abbot town centre

► Year-round day and evening town centre vibrancy, vitality and business profitability

► Active Travel which would deliver improved health and wellbeing outcomes

► Improved perception of Newton Abbot town centre’s identity, prestige, vision and reputation including the future appeal of Newton Abbot town centre to occupiers.

Executive Member for Jobs and the Economy, Cllr Nina Jeffries, welcomed the positive economic assessment: ‘Alongside the independent cinema report which shows there is a market in Newton Abbot for expanding the cinema, it is good to have the reassurance that despite making changes to the project, the financial benefits of the Future High Street-funded proposals are significant to the town and the surrounding area.

‘None of these benefits will be realised if we do not push ahead with the additional investment and our plans to improve the Market Hall, build a four-screen cinema and boost the night-time cultural life of Newton Abbot.’