Major changes have been announced in the revamp of Leicester’s historic Fenwick building.
Leicester city council will be investing £450,000 to help the building’s owners create a suite of offices in the building.
The 12,000sqft business workspace will be created in part of the ground floor and basement of the four-storey property in Market Street.
The city council will invest £450,000 to fund the fit-out and set up costs of the proposed workspace and then take a 25-year lease on the new space.
This will support and complement Aimrok Holdings’ £17million plans for the building which will see it converted it into a 121-bedroom aparthotel, including a hotel lobby bar, restaurant and gym facilities, together with a series of ground floor and basement commercial units.
The new development will be called ‘The Gresham’, in a historic nod to the building’s original name.
Serviced co-working business space is a growing market that is particularly attractive to start-up companies, freelancers, sole traders and small businesses looking for a flexible and affordable workspace.
This would be the first dedicated co-working business space to be developed in Leicester, though similar facilities are becoming more common in other cities including Birmingham, Nottingham, Derby and Coventry.
City Mayor Peter Soulsby said: “The ambitious plans for the redevelopment of the former Fenwicks building will bring a huge benefit to other businesses in this part of the city centre.”
“Building on the success of our workspaces at LCB Depot, Makers Yard and Dock, this new flexible co-working business space will offer a very attractive option for freelancers and for new and small businesses looking for a city centre base.”
Aimrok Holdings are finalising the investment required for the overall scheme, and building work is due to begin in early 2020.