News

Go ahead for 5 Million Enterprise Centre

14/11/2013

Millfields Trust gets go-ahead for £5 million enterprise centre on Union Street in Plymouth

LOOKING AHEAD:  An artist's impression of Millfield Trust's plans to build a new £5 million enterprise centre on Union Street which they hope will serve as a catalyst for regeneration in the area

LOOKING AHEAD: An artist's impression of Millfield Trust's plans to build a new £5 million enterprise centre on Union Street which they hope will serve as a catalyst for regeneration in the area

UNION Street is to play host to a new £5 million development which will host aspiring businesses after the organisation behind it finalised its funding.

Millfields Trust will be building a new four-storey enterprise centre on the historic city thoroughfare with work starting next month.

The site will offer 35 business units and is expected to be completed by spring 2015.

The trust, set-up to aid the regeneration of Stonehouse, believe the venture could be a catalyst to help breathe new life into the west end of the street.

The enterprise centre will be situated next to the trust HQ's business centre after it secured the financial backing of three bodies.

The European Regional Development Fund is contributing a grant of £2.5 million, the Heart of the South West Local Enterprise Partnership is providing a loan of £2.1 million and Plymouth City Council is acting as loan guarantor.

Chair of Millfields Trust, Reverend Sam Philpott, said the development was a vote of confidence for the city and particularly the Stonehouse area.

He said: "We are incredibly excited by this project and what it will bring to Plymouth. It has taken several years of hard work to get where we are today.

"In particular, we are indebted to the vision of the council and the wisdom and endeavour of the European Regional Team and the Local Enterprise Partnership.

"We are investing in the future of this trust, but more importantly we are investing in the community of Stonehouse.

"The enterprise centre will be a lasting asset creating businesses and jobs for many years to come."

A spokesman for the trust said the project had been designed in order to support small and medium sized enterprises. It will have a focus on supporting those in the early stages of business development, they said.

Council leader Tudor Evans added: "What a great result hot on the heels of Plymouth being one of the first social enterprise cities in the country.

"Millfields Trust has been key in helping us spread the word about successful social enterprises, the importance of providing space and opportunities for small businesses to get off the ground and we are delighted for them."

The project forms part of the Urban Enterprise programme to create more jobs for people in the city.



Read more: http://www.thisisdevon.co.uk/Millfields-Trust-gets-ahead-pound-5-million/story-20005547-detail/story.html#ixzz2kd5rb2Lm