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Council looks to create £7.5m business ‘grow on space’

Published Tuesday 20 March 2018

Further steps have been taken to create £7.5million ‘grow on space’ for businesses in the Harborough district.

The proposed project would 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.

The new building, which would be located at Compass Point Business Park in Market Harborough, would cover an area of 2,323m2 (25,000ft2), and it is anticipated that the extra available office space would generate over 200 new jobs in the area over a five year period.

At an extraordinary meeting of Harborough District Council on 19 March 2018 councillors approved the next steps to help secure funding to move the project forward.

Funding of £3,282,500 towards the project will be sought from the European Regional Development Fund (ERDF), Harborough District Council is looking to provide up to £4,270,333. The Council has also submitted an application to the  Leicester and Leicestershire Enterprise Partnership (LLEP) for a £1m contribution as delivery of the grow on space  will help the LLEP achieve its  objectives.

The outcome of the council’s funding bid to the ERDF will be announced later in the year, and the LLEP funding in June 2018.

If funding is secured Harborough District Council says the project will look to be completed in late 2019 and built to high environmental standards.