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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.