Northampton Borough Council will be contributing £4million towards the regeneration of the Vulcan Works site in the town centre.
The costs of the project have now been confirmed as £14million. Previously it was known that £9million had been secured for the borough council led project from external sources. This includes £6.3 million from the South East Midlands Local Enterprise Partnership (SEMLEP) from the Local Growth Fund, and £3.06 million from the European Regional Development Fund. But it was unknown how much the authority would be contributing.
The council has now confirmed it will foot the rest of the £14million overall bill for the works, which it was revealed over the weekend would start in April after the appointment of Rugby-based Stepnell as the constructors.
The scheme will create a total of 59 lettable units for start-ups and growing businesses in the area between Guildhall Road, Angel Street, Fetter Street and St John’s Street.
It will restore the Grade II listed former ironworks factory in the heart of the Cultural Quarter, as well as constructing a new block on Angel Street to create the new office workshops.
Demolition work has already taken place of the former Amalgamated Tyres site, and further demolition works will start in April. Road closures will be introduced in Angel Street on March 25 in preparation for this, and will be in place for 32 weeks.
Councillor Tim Hadland, the borough council cabinet member for regeneration and enterprise, said: “This scheme has been some time in the making and we are delighted that we should have contractors on-site within weeks.
“Northampton is one of the most entrepreneurial places in the country and Vulcan Works will provide space for new businesses to establish and thrive.
“This means that, with current work on the extension and renovation of the Northampton Museum and Art Gallery, we’ve been able to commit around £22 million into our blossoming cultural quarter during the past year.”
And Stepnell contracts manager John Neill, said: “We’re excited to be involved in a scheme which will conserve a building of such importance to Northampton’s industrial heritage as well as delivering vibrant, modern workspaces where creative businesses can flourish.”
An operator will be sought to run the facility on behalf of the borough council when the project officially opens, which is expected to be by autumn next year.
During its first ten years of operation, Vulcan Works is expected to support up to 100 businesses, creating around 300 jobs.