A new co-working business workspace is set to be created in a historic Leicester building.

Funding of £450,000 has been secured from Leicester City Council to move forward with plans for a major revamp of the former Fenwick building.

This investment will allow work to move forward on 12,000 sq ft of flexible workspace in part of the ground floor and basement of the property. It will fund the fit-out and set up costs of the proposed workspace and then take a 25-year lease on the new space.

Aimrok Holdings' overall £17 million plans for the Fenwick building will see it transformed 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.

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The new development will be called 'The Gresham', in a historic nod to the building's original name.

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."

Building work is set to begin on the Fenwick building in early 2020.

(CM/JG)