Co-Space is set to run a new £10m Innovation and Incubation Hub in Watford’s Town Hall Quarter.
At a meeting on Monday, February 9, Watford Borough Council’s cabinet agreed to appoint the coworking business as the operator of the new hub.
Peter Taylor, the elected mayor of Watford, said: “I’m often approached by people who are struggling to find an appropriate space to grow their business, particularly small and start-up businesses, so this is definitely going to meet that need.
“There’s been lots of soft market testing and discussions … about what would best fit here. It was very good to hear the strength of bids that came forward.”
Five potential operators that showed an interest in running the Hub were judged against their proposed financial models, their ability to deliver “a high-quality space”, and any commercial risks to the council.
The aim is for the hub, which has received £8m funding from the government and £2m from Hertfordshire Futures, to be self-funding and “deliver a profit as quickly as possible”
The new Innovation Hub will be part of a broader Town Hall Quarter regeneration that also includes the refurbishment of the Colosseum.
Co-Space already runs locations in Milton Keynes, Reading, St Albans and Stevenage.
Alistair Thomas, chief financial officer and co-founder of Co-Space, said it aims to “create flexible, high-quality workspace that genuinely helps businesses start, grow and succeed”.
“Watford has real potential, and we look forward to supporting its next generation of entrepreneurs,” he added.
Adrian Hawkins, chair of Hertfordshire Futures, said Watford has “untapped potential” and “requires innovation infrastructure to attract funding and retain emerging talent”.
He said: “By bringing forward this new Hub, we’re addressing that gap, connecting business with regional innovation networks and creating the conditions for high-growth sectors to flourish locally.”
Covering Hertfordshire’s district and borough councils.
