Leicester aparthotel to feature co-working space

George Sell George Sell Uploaded 03 December 2019

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UK: Leicester City Council has announced a £450,000 investment in a co-working space at The Gresham aparthotel in the city centre.

The authority is aiming to create almost 12,000 square feet of co-working space in part of the ground floor and basement of the 1880s-built four-storey building in Market Street, which was formerly a Fenwicks store.

The £450,000 will fund the fit-out and set up costs of the proposed workspace with the council then taking a 25-year lease on the new space.

The move will support owner Aimrok Holdings’ £17 million plans for the building which will see it converted it into a 121-bedroom aparthotel, including a hotel lobby bar, restaurant and gym facilities, together with a series of ground floor and basement commercial units.

The project will be the first dedicated co-working space to be developed in Leicester.

City mayor Peter Soulsby said: "The ambitious plans for the redevelopment of the former Fenwicks building will bring a huge benefit to other businesses in this part of the city centre. Building on the success of our workspaces at LCB Depot, Makers Yard and Dock, this new flexible co-working business space will offer a very attractive option for freelancers and for new and small businesses looking for a city centre base. We’re very excited to be able to play a part in the exciting wider redevelopment plans for this historic and important building."

Andrew Crainey, managing director of Aimrok Holdings, added: "We are delighted to be working in collaboration with the City Mayor and Leicester City Council. The council are seasoned operators in this particular property class and we believe that this partnership is a substantial step forward in restoring this iconic building to its former glory. Facilitating the council's new workspace and providing the addition of new commercial units alongside a landmark hotel will help in the regeneration of the heart of this city and give confidence to local businesses to further increase the offering that Leicester provides visitors and residents alike."

Aimrok Holdings is finalising the investment required for the overall scheme, and building work is due to begin in early 2020.

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