The Vision

“For years, Penzance and Newlyn have suffered from lack of investment and now we have the opportunity to start changing that to make sure that future generations want to and are able to live, work and bring up their families here. That’s reflected in the Board’s Vision for the future, a thriving, resilient place with a diverse economy, providing quality jobs, opportunities, homes and lifestyles. Somewhere that’s welcoming, connects locals and visitors to its inspiring coastline and culture, and puts people and planet first” Martin Tucker, Chair of the Penzance Town Deal Board

This vision is underpinned by a strategic approach with three interconnected themes, shaping the core of the investment approach:

Sustainability – The Golden Thread

The Town Deal Board have given an absolute commitment to achieving sustainable development ranging from the materials used through to ensuring the physical and mental wellbeing of our residents. Encompassing people, place and economy, these three pillars of sustainability are the golden thread running through our investment plan.

This funding will help to increase economic growth with a focus on regeneration, improved transport, better broadband connectivity, skills and culture.

The Plan

Launched in September 2019, the Government’s Towns Fund Deal aims to increase economic growth with a focus on regeneration, improved transport, better broadband connectivity, skills and culture.

Read the Prime Minister’s announcement of the Towns Fund here

The Government called for proposals that will drive long-term economic and productivity growth through investment in:

Connectivity
Urban regeneration, planning and land use, economic assets including cultural assets, skills and enterprise infrastructure.
Skills and enterprise infrastructure

Download the Government’s Towns Fund prospectus here.

A Town Investment Plan was developed during 2020 by Penzance’s Town Deal Board after Penzance and Newlyn were selected by the Government as one of 101 towns nationally to bid for up to £25 million to invest in regeneration and clean growth.

The Board, made up of local private and public sector members from across Penzance and Newlyn, worked hard to make sure that the short-listed projects reflected public input from extensive local consultation carried out over the past 5 years in connection with the Neighbourhood Plan including the Investment EXPO’s held in 2017 and 2018.

“Our proposal is a result of the hard work and effort of our community focussing on our opportunities, our assets, our coast, our people and our businesses.” Penzance Town Deal Board

Read the Board’s announcement in February 2021 of the shortlisted projects here: Penzance Announces Town Investment Plan Shortlisted Projects – Penzance Town Fund)

In January 2021, The Government announced that Penzance’s Town Investment was successful and that the area would receive up to £21.5 million from the Town Deal Fund.

This exciting news enabled the initially proposed projects to further develop and submit their business cases for approval by both Cornwall Council, as Local Town Deal Lead Authority and the Department for Levelling Up, Housing & Communities (DLUHC).

In September 2022, after a review of the business cases, seven regeneration projects across Penzance and Newlyn were approved to go ahead by the Government and share the £21.5 million Town Deal Investment. Read the announcement here.

The Objectives

Improving the quality of employment and enterprise opportunities, in particular within the priority sectors identified in the Neighbourhood Development Plan

By supporting Investment that will:

Reduce the wage gap and target high value / high GVA industries
Result in secure employment, including reducing the proportion of part time, zero hours and seasonal only employment.
Provide quality career opportunities for local young people
Create inclusive employment opportunities ensuring people who have previously been excluded from the labour market can access work
Lead to a skilled workforce
Attract inward investment and draw new business to Penzance
Broaden the economic base of the town
Promote, support and encourage local enterprise
Support innovation to raise productivity so that businesses can grow
Provide opportunities for people to establish businesses which support a sustainable economy
Enhance opportunities for joined up working between the voluntary and business sectors

Improving the built environment

By supporting investment that will:

Repurpose redundant/under-utilised buildings in PZ & Newlyn to support town centre living; work space/infrastructure for core business sectors; meet local need
Deliver contemporary uses and sustainable futures for buildings with heritage and cultural value
Improve public realm, improve and extend green spaces and rekindle civic pride
Support adaptation of the town centre and town deal zone with new or regenerated spaces for; homes that meet local need; sustainable businesses and; leisure & health.
Increase connectivity between people and places including the town centre and waterfront, reduce vehicle dominance and increase fully accessible pedestrian & cycleways.

Maximise our natural and green capital as an economic and social resource

By supporting investment interventions that will:

Reconnect people and places to their natural environment in particular the waterfront
Ensuring that the linkages between Penzance and its rural hinterlands are strengthened so that the economic benefits of regeneration are felt across by people and communities in the surrounding area that use Penzance.
Create or grow affordable, sustainable travel solutions
Enhance accessibility of our coast and rural hinterland for local people and visitors
Promote sustainable consumption, production and the responsible use of natural resources