Revival plan for town development

More than 160 jobs were lost last year at the town's Dairy Crest Creamery

A redevelopment scheme could provide new jobs, homes and light industrial units in the heart of a Devon town .

The Baltic Wharf Riverside Revival in Totnes is based at the 13-acre site used by Pete Goss to build his ill-fated Team Philips catamaran.

TQ9 Partnership said the scheme could create up to 300 new jobs.

Plans for an expanded boatyard and marine facility, affordable homes and a retirement community are due to go out to public consultation.

Developer Steve Mettler said TQ9 was very conscious of the need to maximise employment in the area.

He told BBC News creating jobs was the top priority after recent job losses at the town's Dairy Crest Creamery and the planned relocation of Dartington College of Arts to Falmouth in Cornwall.

"We have about 35 marine jobs currently on the site, but there will be a whole range of employment opportunities - even the retirement village could create 80 jobs," Mr Mettler said.

The partnership has been working with the Devon and Cornwall Housing Association on its affordable housing plans.

The £4m hi-tech catamaran Team Philips was built at Baltic Wharf

Mr Mettler said he was very much aware that wages in the area did not meet the high market price of property.

"About two-thirds of the homes will be for rent and a third will be on a shared equity basis to help working couples get a foot on the housing ladder," he added.

If the scheme is approved by planners, it should be up and running by 2010, with full completion by 2015.

Baltic Wharf is where yachtsman Pete Goss built the futuristic catamaran Team Philips to compete in a round the world race in 2000.

Designed to be the biggest, fastest and most high-tech of boats, Team Philips had to be abandoned by its crew after being wrecked by 70 knot winds and 10 metre-high waves on the way to the start of the race.

A 40ft section of the original 120ft hull was eventually salvaged from the sea off Iceland and displayed in the National Maritime Museum in Falmouth.