The multi-million pound regeneration project hopes to support new businesses and independent professionals
One of Southport’s most historic buildings is set for a complete transformation as part of a multi-million pound regeneration project hoping to support new businesses in the town centre. The project is called the ‘Enterprise Arcade’ and is being funded by £1.5 million from the government’s Towns Fund.
Sefton Council’s Cabinet convened on Thursday, December 5 to discuss the future direction of the Enterprise Arcade, the viability of its business plan and approve a role for the local authority to directly management the scheme. The ‘creative hub’ is one of the council’s flagship projects as they look to boost Southport’s creative and digital industries and attract new inward investment.
The Enterprise Arcade is being developed at the Crown Buildings site on Eastbank Street which were historically used by Edwardian shopkeepers. However, the property is now undergoing a major makeover and being re-purposed to meet the demands of modern work practices. Scheduled for completion in early 2025, the new hub will offer a modern co-working space tailored to entrepreneurs and small businesses in the digital and creative sectors.
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The new building will also feature a variety of spaces designed to nurture growth and collaboration and include a food and drink-based ground floor offer, a flexible co-working space on the first floor, three ‘grow-on’ offices and a large workspace on the top floor. In addition to business space, the project aims to offer specialist support for tenants in the creative and digital sectors, alongside general business advice from Invest Sefton and the Local Growth Platform.
Despite initial plans to outsource management to a third-party operator, the project will now be directly managed by Sefton Council after the difficulty in securing a suitable commercial partner. The decision was made in May 2023, with the expectation that a detailed Business Plan would be presented for Cabinet approval. This outline plan was presented to cabinet on Thursday and noted the financial viability of the project, which aims to break even over the next five years.
A key element of the plan is a ‘prudent’ approach to rental income, factoring in space dedicated to young people and students as well as potential rent-free periods. This flexible approach is intended to foster the growth of local businesses while ensuring the sustainability of the Arcade. A full financial assessment has been made, predicting an initial loss for the first three years before breaking-even in Year five.
