Torbay LABV back up for grabs

Developer Sir Robert McAlpine has pulled out of a £500m regeneration programme for Torbay Council.

The company, in conjunction with Bristol developer Deeley Freed, had been named preferred bidder as the council’s regeneration partner in a planned local asset-backed vehicle (LABV).

“Sir Robert McAlpine and their partner Deeley Freed withdrew from the joint venture project for a combination of reasons including changing priorities within the business and the increasing weaknesses and uncertainties in the global and European economy,” the council said.

However, local reports suggested the collapse of the deal could have been influenced by changes to the project demanded by the council’s new political leaders.

Torbay Council has said it will continue to pursue the project, and is seeking interest from other developers to help deliver the scheme.