This report seeks approval under delegated
authority for the award of a loan agreement to Unit 58 Ltd for the
value of £125,000.
The business will use the loan to convert the space at 58 Millmead
Industrial Estate into artist and multi-media studios.
OIF will be used specifically for the refurbishment of the current
floorspace of approximately 5,000sq.ft and the installation of a
mezzanine floor, increasing the commercial space by a further
3,390sq.ft. bringing the total floor space to just over 8,300sq.ft.
The space will be converted into 16 new and affordable artist and
multi-media studios, including a large flexible space for hire plus
amenity space. They have a 15 year lease on the property.