Renovation work has started to convert an office building in Bolton town centre into a £11.18m modern, flexible workspace for digital and creative start-ups.
The transformation of the council-owned Wellsprings building is being funded by £6.9m from the Government’s Towns Fund and £1.4m from the UK Shared Prosperity Fund (UKSPF).
The remaining amount is to be funded from the council’s budget.
The finished project will see diverse spaces across the different floors, offering services for both businesses and the public.
The upper floors will be a home for emerging businesses, with suites suitable from four up to 36 people, allowing companies to take on more space as they expand.
Digital and creative start-ups will benefit from a managed office environment with shared meetings spaces, digital conferencing facilities and a podcast studio.
Meanwhile, the ground floor will include space for independent retailers and events.
Bolton Council Leader, Cllr Nick Peel, said:
“The way people work is changing, and the renovated Wellsprings will provide the new and innovative mixed-use space that modern businesses need.
“We want to incubate new start-ups to create a community of businesses that can exchange ideas, build networks, create opportunities, and build on each other’s success.
“A major part of our regeneration plans is creating new, skilled, well paying jobs and attract more inward investment form the private sector.
“The new Wellsprings will help us achieve this while also boosting footfall and creating new spaces for the public to use.”
Overall, Bolton has benefited from £23.9m from the Towns Fund for a variety of projects.
Alongside the Wellsprings, grants are funding the £5.59m renovation of Bolton Market, the £4.43m transformation of Central Library, and a mix of funding for public realm improvements to Ashburner Street, Moor Lane and Blackhorse Street.
The UKSPF has been designed by government to replace the former European Union structural funds, with Greater Manchester Combined Authority named as the lead authority for administering the fund in the city-region.
A total of £40.3m will be invested in Greater Manchester’s 10 local authorities to support creating space for businesses in city and town centres as well as increasing investment to create attractive and exciting high streets, green space, arts, and heritage events across Greater Manchester.
Councillor David Molyneux, Greater Manchester’s lead for Resources and Investment said:
“The Wellsprings project is a significant step towards creating an inclusive and prosperous environment for innovation and business growth in Bolton.
“It’s a great example of UKSPF in action and aligns perfectly with our vision for Greater Manchester as a thriving hub of creativity and entrepreneurship.”
