When this content has been published
Published on 26 August 2022
Additional funding required for regeneration project
Councillors are to be asked to approve an additional £600,000 capital spend to cover increased inflationary costs on the proposed Newton Abbot four screen cinema construction and fit out.
The proposed cinema – currently the subject of a planning application – is a key element of the transformational Future High Street funded (FHSF) plans to regenerate the centre of Newton Abbot.
A report to an extraordinary council meeting to be held on Tuesday 6 September says that more funding is needed due to the “cost inflation which has occurred as a consequence of external national and international factors”
Under the current plans the council is committed to constructing the building shell of the new cinema before handing it over to Scott Cinemas, for them to complete the fit out.
And the report says that without the additional funding, the scheme will not be deliverable and concludes: “The consequence of not committing the additional capital will place the cinema project in serious jeopardy and at high risk of being undeliverable and will cause the entire FHSF project and its transformational impact on Newton Abbot and its surrounds to become a missed opportunity”.
Because of the commercially sensitive nature of the cinema plans, councillors will be asked to consider the detail of the additional spending recommendation in confidential session.
"Chief Finance Officer & Head of Corporate Services, Martin Flitcroft said: “The cinema plan is a key aspect of the £9.2m FHSF regeneration proposals which would see major improvements to the market quarter and Queen Street.
“The majority of the construction and fit out costs will be funded by money received from the FHSF and this significant investment in a state of the art facility will have a major impact on regenerating the town centre.”