Ms Abi
Lewis, the Economic Development Officer, updated the Committee on
the Business Terrace.
It was
highlighted to the Committee that:
·
This report provided an update on the performance of
the Business Terrace.
·
The Business Terrace continued to perform well, with
100% occupancy of the start-up and grow-on office accommodation and
increased income levels over the past two years.
·
The initial phase of the Business Terrace
development was operated as a pilot to test the concept and demand,
and to utilise the redundant space to which the Council had a long
term rental commitment until 2023. The cost of conversion was
£250,000. The facility had been expected to deliver a
contribution to help cover the unavoidable costs only.
·
The Business Terrace continued to receive
significant numbers of enquiries from businesses looking for a
modern, collaborative and supportive office environment in
Maidstone. As the facility is at full occupancy, Officers were
examining the viability of a further phase of accommodation in
undeveloped space on the first floor of Maidstone House. This would
be considered within the context of the Council’s wider lease
commitments to Maidstone House.
The
Committee requested clarification of the extent to which the
Business Terrace has covered the initial £250,000 capital
costs for the conversion of the space. Ms Lewis agreed to circulate
a table detailing this to the Committee.
It was
noted that the Committee congratulated both Members and Officers
who were involved with the success of the Business
Terrace.
RESOLVED:
That the update on the performance of the Business
Terrace be noted.