Former factory will be turned into modern office space in Leicester

Leicester City Council has revealed plans to redevelop a former factory into modern office spaces and units for start-ups and growing businesses. 

The former factory which is located on King Street currently comprises of five separate but interconnected buildings.

The council wants to transform it to provide high-quality workspaces for companies who want to relocate to the city.

The development would have a central courtyard for shared use, a business zone for technical and digital businesses and a co-working lounge.

The council has submitted the first planning application, and they hope that the building process will begin in the Spring of 2021.

If the planning is approved, the council will be seeking opportunities for external funding, the cost is estimated as being around £9m.

Leicester City Mayor Peter Soulsby said: ‘This development offers huge potential to provide much-needed, high-quality office space in a very attractive part of the city.

‘By redeveloping the factory we will be able to bring in hundreds of more jobs, and we will be able to cement the reputation of this area of the city as a fantastic place to do business.

‘We would also expect to make an excellent return on our investment which will generate rental income for many years to come from what is currently a vastly under-used property.’

In November last year, Leicester City Council announced a £70m investment to create new council housing.

The investment has been put forward by the City Mayor Peter Soulsby in order to tackle the need for affordable housing in the city.

The investment which is made up of 30% Right To Buy receipts and 70% from the councils Housing Revenue Account, will enable the creation of up to 400 new council homes all of which will have affordable rent.

Photo Credit – Pixabay