Torre Abbey was bought by the former Torquay Borough Council in 1930 for £40,000. The building has remained in local authority ownership and has served well as an art gallery and as the Mayor’s parlour. In 1994 surveyors revealed that the Abbey was in urgent need of repairs and the Council recognised that its ability to undertake this work would be dependent on substantial partnership funding.

In February 2004, the Heritage Lottery Fund made a £4.9 million award towards Phase I of a major project to restore Torre Abbey and also to transform its prospects as an educational facility and tourist attraction.

The full restoration project has been made possible with additional grants from English Heritage
Torbay Council, The Friends of Torre Abbey, the Wolfson Foundation, the Museum Libraries and Archives Commission, the Garfield Weston Foundation and Renaissance South West.