Teignbridge Council will be plunged into the red for the first time in years if it borrows money to finance a regeneration land deal, claims former leader Cllr Alan Connett.

Officers and councillors at Forde House are remaining tight-lipped about the mystery property purchase in Newton Abbot despite announcing a special meeting next Wednesday to seek approval for the deal.

Behind closed doors, members will be asked to give their blessing to the suggestion in a report by assets chief Cllr Stuart Barker and regeneration officer Tony Watson that the authority obtains a loan to cover the cost of the purchase.

Neither the price nor the location have been made public and a spokesman declined to add anything to the report.

Neither would they comment on rumours that the sums involved reached into seven figures.

The authority has made no secret of its desire to assist in the town's regeneration and said areas such as Bradley Lane could provide a mix of high quality homes and workspaces.

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