A new £7.9 million commercial building to create office suites for growing businesses is set to be built soon in Market Harborough.
The ‘Grow on Space’ project is expected to create 230 jobs and bring £20 million into the local economy over the next five years.
The boost for Harborough business was announced by council leader Neil Bannister this week. He said he was “delighted” by “this highly significant investment”.
Harborough District Council is providing up to £3.62 million to fund the Grow on Space.
Another £3.28 million is coming from Europe, specifically the European Regional Development Fund (ERDF) and there’s a further £988,000 from the Leicester and Leicestershire Enterprise Partnership (LLEP).
The project will see the development of a new commercial building that would provide office space for businesses looking to grow and move into larger accommodation in the district.
It follows the success of the Harborough Innovation Centre, which Harborough District Council developed and opened in 2011, to provide office space for start-up and new businesses.
Cllr Bannister said: “This is hugely exciting news; the culmination of a lot of hard work by officers of Harborough District Council.”
A video featuring Cllr Bannister talking about what the project means for the Harborough district is available on YouTube – type Harborough Grow on Space into the YouTube search engine.
In the video Cllr Bannister says: “It will provide 19,000 square feet of office space, supporting 10 to 15 companies when at full capacity.
“This is a really exciting opportunity and it shows the district’s commitment to economic prosperity and support for our business community.”
Fellow Conservative councillor PhilKing said: “It’s fantastic news... money from LLEP makes a significant difference to the overall scheme”.
Cllr Michael Rickman agreed, saying he applauded “the great news on the Grow out Space”.
Opposition Liberal Democrat group leader, Cllr Phil Knowles said the announcement was important news for Harborough.
“I think it’s very important that we invest in the future of our district,” he said.
The Grow on Space building will be located at Compass Point Business Park, off Northampton Road in Market Harborough.
Work can start on site in the next few weeks, with the building expected to be completed in late 2019.
Office suites will then be available ranging from 1,000 to 3,000 square feet.