Work to expand the Yeovil Innovation Centre (YIC) has commenced following funding from the Heart of the South West Local Enterprise Partnership (HotSW LEP). South Somerset District Council (SSDC) bid to the HotSW LEP for £442,000 from the Growth Deal funding, which has enabled Phase 2 development works to commence at the YIC site.
Phase 2 works will see the development of approximately 9,500sq feet of flexible office accommodation to enable more start-up and small businesses in the high-tech and innovation fields to establish, expand and benefit from working with similar businesses at the existing Yeovil Innovation Centre. The stylish new extension building will be built to a high standard with very modern and flexible accommodation offerings. It will face Copse Road and link into the existing YIC building. Work on site by Midas Construction commenced at the end of November and is scheduled to be completed before the end of summer 2018.
Councillor Jo Roundell Greene, Portfolio Holder for Economic Development and Deputy Leader of South Somerset District Council said, â€œWe are delighted to be working in partnership with the LEP on this priority economic development project. It has been a key objective for the Council and I am pleased to see it coming to fruition, after much hard work and detailed planning. It will also be very interesting to see the new, innovative businesses that it will attract and support for the futureâ€.
Phase 2 of the Yeovil Innovation Centre is partly funded by £442,000 from the Heart of the South West LEP’s Growth Deal funding project: Unlocking Growth Fund, which allocates £5 million to fund the development of several employment and workspace sites and premises across the Heart of the South West area that support business growth. The Heart of the South West LEP’s total Growth Deal is worth £598m; including £239m from Government and £359m match funding. Over the lifetime of the Growth Deal: 2015 – 2021; HotSW LEP estimates the investment will create up to 22,000 new jobs and 11,000 new homes.
Steve Hindley CBE DL, Chair of the Heart of the South West Local Enterprise Partnership, said: â€œYeovil Innovation Centre is one of the LEP’s portfolio of Growth Deal Funded projects that are taking shape throughout the HotSW area of Devon, Plymouth, Somerset and Torbay to create the right conditions for businesses to grow. This new extension will add flexible office space for more businesses to start up and benefit from working in this innovative environment.â€
Michael Borkowski, Business Development Director for Midas Construction, part of the Midas Group, said: â€œWe are so pleased to be part of the partnership that is developing this exciting new phase of the Yeovil Innovation Centre. Work is already under way on site and we are looking forward to delivering a facility which supports local businesses and the South Somerset Economy.â€
The YIC is an evolving business community aimed at ambitious organisations and entrepreneurs looking for a flexible, prestigious, low-cost solution with space for growth. Tenants enjoy prestigious office accommodation, super-fast broadband and stunning hospitality and meeting areas, without the commitment of a long lease. The YIC has been very successful to date and a number of enquiries for additional smaller office accommodation are regularly received.