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Penzance and Newlyn are making strong progress towards their share of Government’s Towns Fund for projects which will not only improve and inspire the neighbourhood but also strengthens the area’s economic growth. 

There are currently seven core projects which have been approved by the Penzance Town Deal Board, having been presented and assessed for their feasibility. Following the submission of the Town Investment Plan last year, which successfully saw up to £21.5 million from the Towns Fund allocated for the area, each project team worked hard to develop their business cases. This included detailed budgets, potential impact on the town’s economy and outline timeline for delivery. 

These successful projects have now been signed off by Cornwall Council and have been sent to the Government for approval – which is expected in the autumn. 

The projects are:  

The Gardeners House in Morrab Gardens 

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. 

Connecting people, planet and place, the Gardeners House building will become a knowledge hub for the community, delivering activities that support wellbeing through engagement in horticulture, history and various courses.  

The Waterfront  

Supporting the local ambition for the Promenade to become a vibrant zone for sports, events and leisure, the Waterfront project is looking to create a new indoor sport and activity centre providing affordable access to the Olympic sports of Bouldering and Skateboarding for all. 

As the only such facility in Cornwall, it will contribute to the further development of a year-round visitor economy, as well as offering a local amenity that encourages more active lives amongst local young people and families  

An added benefit of the development will be the transformation of a currently redundant site and the further enhancement of the waterfront site, encouraging footfall between Penzance and Newlyn. 

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. 

Penzance harbour being the key gateway to the popular Isles of Scillies, the project also seeks to capitalise on this asset and bring further economic benefits for the town. The regeneration will include enhancing the marine facilities for visiting vessels and creating a more attractive site for all to enjoy through alleviating the congestion caused by freight vehicles queuing on the roads.  

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 transform travel in and around Penzance and create a fully sustainable network of safe and accessible walking, cycling and functional green and open urban spaces. 

Penzance’s Town Deal’s transport elements relate to improved active travel connectivity and infrastructure, creation of gateways into the town centre for residents and visitors and to support the regeneration of Penzance and Newlyn to create economic growth. 

Market House 

The Market House Project seeks to redevelop the vacant portion of this iconic building 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 work-space.  

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. The project 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. 

Enterprise Funds 

This project will provide grants to micro, small and medium sized businesses within the Penzance Town Deal area, including start up and scale up businesses.  The Fund will support capital investments that help local businesses to grow and develop and that help to diversify the local economy and generate quality local employment opportunities and strong local supply chains.  Grants will range in size from £2,500 to £250,000 and will need to be matched with funds from applicants (between 25-45% guide match).  More details about the Fund will be issued closer to its anticipated launch in late 2022, so watch this space. 

What next? 

Cornwall Council has now submitted the finalised Penzance Town Deal Programme and associated projects to the government. Once approved by Government, funds are due to be released early Autumn 2022. 

Penzance is one of 101 towns, and four in Cornwall, selected to bid for the Government’s £3.6 billion Towns Fund which aims to drive economic regeneration. 


Chair of Penzance Town Deal Board, Martin Tucker said: “We are delighted with the progress that has been made, as we move closer to these projects starting. Each team has worked relentlessly to ensure the deadline have been met to maximise this amazing funding opportunity which will bring so much to Penzance and Newlyn. We are excited to see the next stages and look forward to delivering these outstanding projects.”  


Louis Gardner, Cornwall Council cabinet portfolio holder for economy, said: "This is great news for Penzance and the board are to be congratulated for their work to bring their vision to fruition. I know how much effort has been put into developing the projects proposed in the Town Investment Plan, and it is gratifying to see it reflect Cornwall Council's overarching objective, to work with communities for a carbon neutral Cornwall, where everyone can start well, live well and age well.” 


Derek Thomas, MP for St Ives, West Cornwall and the Isles of Scilly, and a member of the Penzance Deal Board said: “The Towns Fund is part of the Government’s plan to revive our towns and spread opportunity across the country – and everyone involved has seized this opportunity to regenerate Penzance and Newlyn.  Thanks to this combined hard work, we now have ready-to-go projects that support important industry such as in our fishing sector, upgrade historic assets including Penzance Harbour and build confidence which will drive growth making our area a better place to live and work."

Notes to editors:

Government Towns Fund – Town Deals On 27 July 2019, the Prime Minister announced that the Towns Fund would support an initial 101 places across England to develop Town Deal proposals, to drive economic regeneration and deliver long-term economic and productivity growth. See further details of the announcement.

A Town Deal is an agreement in principle between government, the Lead Council and the Town Deal Board. It will set out a vision and strategy for the town, and what each party agrees to do to achieve this vision.

See the 101 places being supported to develop Town Deals.

Each of the 101 towns selected to work towards a Town Deal also received accelerated funding last year for investment in capital projects that would have an immediate impact and help places “build back better” in the wake of Covid-19. View a list of accelerated funding by place (PDF, 266 KB, 11 pages)

Penzance Town Deal and Accelerator Towns Fund

In June 2021, Penzance secured a Town Deal of up to £21.5 million following the successful submission of its Town Investment Plan for a range of regeneration projects.

For more information about Penzance Town Deal visit

In addition, each of the towns selected by the government to work towards a Town Deal were invited to apply for accelerated funding to invest in capital projects that would have an immediate impact and help places ‘build back better’ in the wake of the Covid-19 pandemic. Penzance was allocated £500,000 through the Government Accelerator Fund to kick start the delivery of projects in 2020.

Cornwall is the only area in England invited by Government to submit proposals for four of its towns: Camborne, Penzance, St Ives and Truro. After conducting extensive public consultations, each town deal board submitted their Town Investment Plan in collaboration with Cornwall Council in Jan 2021.  As a result of this work, the Government announced in Spring 2021, that Cornwall will receive up to £88.7million as part of the Towns Fund. Following the submission of the projects’ business cases, the ratification by Government of the Penzance Town Deal and first release of funding is expected in September 2022.

Cornwall Council is the accountable Body for the Town Deals programme in Cornwall and supports the governance role of the four Town Deal Boards and the fund administration. For more information visit: