A £45m leisure-based regeneration scheme in Torbay is gaining momentum, with local council and the Torbay Development Agency naming Moirai Capital Investments (MCI) as preferred developer for the Clennon Valley project.

MCI has already secured a ballistics hall from the London 2012 Olympic Games which would be relocated to Torbay to deliver facilities for archery and Paignton Rifle Club as part of the plans.

Torbay Leisure Centre would also be redeveloped – featuring a new 25m swimming pool and improvements to the existing 30m pool to make it suitable for children, plus a new gymnastics hall and beach sport centre – intended to complement a closed road cycling circuit which is already under construction.

In addition, Morai proposes turning the nearby Splashdown Quaywest waterpark into a facility that can run all year round.

The scheme would be fully funded by the developer and its investment partners, while plans to operate the development commercially are attractive to the local authority, as it would absolve them from the current need to pay subsidies and maintenance costs.

This is the latest example of Torbay’s success in attracting significant inward investment from a leading UK player. Moirai recognises the potential for tourism and leisure development that Torbay has to offer against a unique backdrop of landscape and coastal scenery,” said Mayor of Torbay Gordon Oliver.

“I am particularly impressed with the way that they have presented a viable commercial solution that enhances and preserves the public open space at Clennon Valley, and safeguards Youngs Park for open access and public use for future generations.”

The tender will be referred to the full council meeting on 1 May, with the recommendation for approval, subject to feedback from a public consultation on 14/15 March.