Penzance is to benefit from a £10.4 million investment following a successful Cornwall Council bid to the Government’s Future High Street Fund.

The Council led bid, supported by local stakeholders, was successful due to the innovative mix of regeneration opportunities brought forward to tackle the challenges that face the town and its high street, even before the effects of the coronavirus lockdowns.

The funding will help deliver plans to bring a wide range of transformational improvements to the town’s high street to benefit residents and businesses, including housing, workspace and the regeneration of vacant high-street properties.

Plans will build on other investment including the Council’s commitment to build a new Creative Industries Hub in the heart of the town.   

Cornwall Council cabinet member for economy Tim Dwelly said: “We will continue to work together to make the most of this investment into Penzance to benefit residents and businesses.  This successful bid is the result of hard work and support from partners and stakeholders, the Penzance Place Shaping Board and Regeneration Group, businesses and community organisations.” 

“Penzance has a lot to offer residents and visitors but as with many towns, COVID has accelerated long term trends, such as online shopping, and this has contributed to a decline in the vitality of the high street.”  

“This funding gives us the opportunity for the community, businesses and organisations to come together to deliver on projects that will pave the way for a brighter future where business and community meet, jobs are created, and businesses grow.”  

Councillor Jim McKenna, Chair of the Penzance Future High Streets Panel, welcomed the news of provisional funding of £10.4m for Penzance saying: “Subject to final confirmation, this funding is great news for Penzance and a reflection of the determination and commitment given by many people in our town to make it happen. Particular thanks to the Cornwall Council officers who have worked so hard on the application process, together with the BID and Chamber of Commerce and others. The fact that Penzance is the only town in Cornwall to receive Town Deal funding is evidence not only of the need we have to reinvigorate our high street 'post-Covid' but also the fact that our collective, collaborative approach has paid off.” 

Cornelius Olivier, Cornwall Councillor for Penzance Central said: “I am very pleased that our successful bid will be helping to meet housing need in the town.   I also strongly support the objective of diversifying the local economy in order to make us less reliant on seasonal visitors.”  

Tim added: “We will continue to work with all towns in Cornwall to explore other opportunities that will help them deliver their vision”. 

The Council will now work with partners, stakeholders and businesses in Penzance to accelerate projects supported by this funding.