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The centre, which will house a retail, workshop and office space, is expected to reach 85% capacity by the end of year two, offering a range of different sized units to suit both sole traders and larger organisations, based on demand and growth. It’s expected that the site will house around 32 companies in total.
The initiative will also provide an opportunity for young apprentices in the city to undertake on-site training and learn alongside specialists, ensuring that their skills are developed and passed down to future generations. The centre is expected to contribute to the creation of over 120 jobs by year six, not including any additional local supply chain benefits.Abigail Whitt of Great Northern Classics, said: “We’re extremely excited that Derby City Council has helped contribute towards the revival of this historical site. Our aim here at Great Northern Classics is to create a hub for not only the vehicle enthusiast, but also the wider public.
“We have lots to offer at the newly restored ironworks building which was once a Rolls-Royce site. We will house a fully equipped training school, workshops for around 30 specialists, a car storage area, exhibition and entertainment space and café. We look forward to seeing you all later on in the year.”
The additional loan is required due to a change in previously assumed private funding sources and is reflective of the original loan amount budgeted for and requested by GNC. As a start-up business, traditional high street funding is not a suitable option.
Work began at the former Victoria Ironworks and Rolls-Royce heritage centre in September 2022. Progress carried out to date suggests that the project will be completed on budget.
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- An outdoor market and events space
- High-quality street furniture including seating, bins, bollards and information panels
- Raised planting
- Feature LED lighting
- Granite paving
- Introduction of a one-way traffic system
- Limited vehicle access to the northern part of the square.
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Contractor appointed on £13.3m business hub scheme
Contractor Henry Brothers Construction has been appointed to deliver a new £13.3m business hub in Leicester city centre.
The scheme involves renovating a cluster of heritage buildings in King Street to create a modern home for creative businesses in support of around 250 new jobs.
Five separate but interconnected buildings at Pilot House will be transformed into 60,000 sq ft of high quality accommodation, including a central, glass-fronted communal courtyard and atrium.
Leicester City Council awarded the construction contract to Henry Brothers, and work has now just started on site.
Managing Director of Henry Brothers Construction, Ian Taylor, said: “We are very excited to have been appointed to this renovation project which will breathe new life into the historic Pilot House and help to boost Leicester’s economy and growth.
“It’s a superb development which includes the retention of existing industrial features, including parquet flooring and exposed brick and beams.
“Henry Brothers has significant experience of working on heritage and renovation projects and we are very pleased to have now started on site with our team and alongside our partners who are working on this key development.”
Other members of the construction team include architects RG+P and structural engineer M-EC.
Pilot House was a factory built in around 1900. The sensitive redevelopment will transform the building into a business zone for technical and digital companies, complete with a co-working lounge and a central courtyard and atrium for shared use.
The aim is for it to be a permanent base for businesses of varying sizes, from start-ups to established companies, once the development has been completed in early 2025.
The scheme forms part of a wider regeneration of the Belvoir Street, Market Street and New Walk areas in Leicester and will be managed by the city council creative hub, LCB Depot.
City Mayor Peter Soulsby said: “This project will transform a group of architecturally significant heritage buildings into a creative hub for start-up and growing businesses and a landmark destination that will become a source of pride for Leicester.
“Not only will it contribute to the wider regeneration of the Belvoir Street, Market Street and New Walk areas, and complement developments like the Gresham Building, it will also create hundreds of high quality new jobs – including more of the skilled roles that will encourage graduates from Leicester’s two universities to remain in the city when their studies are over.
“It’s great news that this scheme is now under way. Backed by the Government’s Levelling Up Fund, it will give a huge boost to the city’s growth and economic recovery.”
The regeneration project received £8.6m from the Government’s Levelling Up Fund, with the city council committing a further £4.7m towards the development.