Issue - meetings

Ms Abi Lewis, the Economic Development Officer, updated the Committee on the Business Terrace.

It was highlighted to the Committee that:

·  This report provided an update on the performance of the Business Terrace.

·  The Business Terrace continued to perform well, with 100% occupancy of the start-up and grow-on office accommodation and increased income levels over the past two years.

·  The initial phase of the Business Terrace development was operated as a pilot to test the concept and demand, and to utilise the redundant space to which the Council had a long term rental commitment until 2023. The cost of conversion was £250,000. The facility had been expected to deliver a contribution to help cover the unavoidable costs only.

·  The Business Terrace continued to receive significant numbers of enquiries from businesses looking for a modern, collaborative and supportive office environment in Maidstone. As the facility is at full occupancy, Officers were examining the viability of a further phase of accommodation in undeveloped space on the first floor of Maidstone House. This would be considered within the context of the Council’s wider lease commitments to Maidstone House.

The Committee requested clarification of the extent to which the Business Terrace has covered the initial £250,000 capital costs for the conversion of the space. Ms Lewis agreed to circulate a table detailing this to the Committee.

It was noted that the Committee congratulated both Members and Officers who were involved with the success of the Business Terrace.

RESOLVED: That the update on the performance of the Business Terrace be noted.