A £1.7m project giving entrepreneurs a place to both live and work has signed up its final tenant.

Spark Studio, in Broughton, Salford brings together affordable residential and commercial space, as well as communal facilities and business support services under one roof.

Spark is based in a Grade-II listed Georgian building, which was formerly the Presidential Hotel and had been derelict for several years. It was bought by developers Godliman & Watson, who teamed up with Contour Homes, part of the Symphony Housing Group, as well as Salford City Council and Salford University, to create the live-work environment. The Homes and Communities Agency (HCA) has supported the project by providing investment of £420,000.

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A celebration event at Spark Studio was held last week to mark the signing of the latest live-work tenancy agreement by its newest arrival James Lyons, who runs events planning business Plan Event Management.

James said: "Being a live/work tenant at Spark Studio has been essential to the success of Plan Event Management. The infrastructure in place has obviously been well thought through, meaning the support team in and associated with the building – Contour Homes, University of Salford and The Business Group – are perfectly poised to help new entrepreneurs develop their ideas successfully.

"I'm delighted to be a live/work tenant. Being around other businesses in the same situation really creates a sense of community with us all helping one-another, along with providing opportunities for collaboration and business development. More schemes like Spark Studio can only be a positive to any community."

So far, Spark Studio has welcomed businesses ranging from web companies, recruitment agencies, HR service and photographers. Tenants can rent a one-bedroomed apartment, as well as their office space for up to three years.

Launched in January, Spark Studios has two floors of offices and eight self-contained apartments, which have all been rented out. The project expects to house 13 new start-ups every three years over a 27 year lease period, creating more than 400 jobs in the process.

(CD)