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Regenerating Penzance and Newlyn for a prosperous and sustainable future

Work has now officially commenced to deliver the exciting and long-awaited regeneration projects in Penzance and Newlyn as part of the Town Deal Fund.

Seven core projects were approved by the Penzance Town Deal Board to benefit from a £21.5 million investment from the Government’s Town Deal Fund.

The projects will not only improve and inspire the neighbourhood but also strengthens the area’s economic growth.

Worth £3.6 billion, The Towns Fund aims to boost the economy of the regions and fund projects that will contribute to the regeneration of the town centres, improve transport, support skills development and business growth.

Penzance was one of 101 towns, and four in Cornwall, invited to bid for the Government’s £3.6 billion Town Deal Fund.

Cornwall Council is the Lead Authority for the Town Deals programme in Cornwall and supports the governance role of the Penzance Town Deal Board and the fund administration.

Find out more about the Seven projects supported by the Town Deal Fund

The Gardeners House

The project will involve the refurbishment of a currently dilapidated building in the heart of the Morrab Gardens to a high standard, combining modern and sustainable construction methods that respect of the history of this heritage building.

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Penzance Bouldering

The bouldering centre, which will open year-round from early morning to evening, will cover 2 floors and be designed to appeal to all ages and abilities from children and learners to experienced climbers and will be affordably priced for the local community.

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Penzance Harbour

The refurbishment and modernisation of the Penzance Harbour aims to boost the local marine and engineering sectors and support the long-term economic sustainability of the area by providing new and affordable space for businesses.

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Sustainable Travel Network

This transport infrastructure scheme will facilitate and support local ambition of creating a more sustainable and attractive town. The project proposes to create a fully sustainable network of safe and accessible walking, cycling and functional green and open urban spaces that support the local area’s economic growth.

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Market House

The redevelopment of the vacant portion of this iconic building aims to attract footfall and bring more vitality at the heart of Penzance Town Centre. The vision for this redevelopment includes hosting a food hall with street food kitchens on the ground floor, with the first floor transformed to house a bar and events space, whilst the lower ground floor will be a town hub and shared workspace.

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Enterprise Grants

This project will provide grants (between £2,500 to £250,000) to micro, small and medium sized businesses within the Penzance Town Deal area, including start up and scale up businesses. The grants will support capital investments that help local businesses to grow and develop. The project aims to diversify the local economy, generate quality local employment opportunities and strengthen local supply chains.

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Newlyn Harbour Marine Skills and Resource Centre

Situated in the heart of the ancient harbour, the new Marine Skills and Resource Centre will establish a centre of excellence for learning and development for the County. It aims to support and future proof the local marine sector by recruiting, training and retaining new and current workforce locally. The new building will be the focal point that catalyses wider collaboration and activity among organisations and partners including fostering innovation, growth of the supply chain and attract further investment and economic benefit.

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“This is very good news for Penzance and Newlyn and this level of capital funding will allow the various partners to deliver on some very exciting projects that will help to regenerate areas of the town and also bring opportunities for increased training and skills development in some sectors vital to the local economy. These projects will help to support the continued revitalisation of the high street and also create sustainable environments for the future.”

Martin TuckerChair of the Penzance Town Deal Board

Now that the funding has been confirmed, we can get on with building a better future for Penzance and Newlyn – building on our existing industries, from fishing and marine engineering to tourism, our heritage and our potential. We’re building on the hard work of the Town Deal board, and everyone who has brought the projects this far, developing these ambitious projects to revitalise the town. Now the real building work can start.

Derek ThomasMP for St Ives, West Cornwall and the Isles of Scilly

“With the first year of funding now in place, Penzance can now start to deliver on the projects that will make a difference to their communities. So much work has gone on behind the scenes to get to where we are today and confirmation that projects can now progress is testament to the commitment and vision of the Town Deal Boards. Cornwall Council will itself be delivering 11 ambitious projects across the four areas using Town Deal funding to improve connectivity, public spaces, housing and offer grants to businesses. I have no doubt that these investments will revitalise the town – and city – centres, improving life for residents and creating sustainable communities now and into the future.”

Councillor Louis GardnerCornwall Council’s portfolio holder for economy

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Latest Town Deal News

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15 September 2025

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