Market Update: We break down the business implications, market impact, and expert insights related to Market Update: Business hub in town hall will ‘boost town’s economy’ – Full Analysis.
An innovation and incubation hub for nurturing new businesses will be set up as part of Watford Town Hall’s regeneration.
The council’s cabinet has approved the proposal to appoint Co-Space as its partner to develop the hub.
The project is supported by £2 million of funding from Hertfordshire Futures and £8 million from the Government, all within the refurbished Town Hall.
Co-Space will lead the hub’s delivery and operation, bringing high-quality, flexible workspace into the heart of Watford.
The hub will include modern offices, co-working spaces, meeting rooms, and hands-on business support for start-ups and growing small and medium-sized businesses.
Watford mayor Peter Taylor outside Watford Town Hall, which will house a business hub as well as a new museum, a community café, social spaces, improved customer services (Image: Watford Council)
It will operate on a sustainable commercial model, supporting the council’s long-term goals for innovation and economic growth.
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Collage of photos from Co-Spaces in St Albans and Stevenage (Image: Watford Council)
As well as space for working, the hub will offer tailored support to early-stage businesses, helping Watford’s expanding creative and technology sectors, as well as other key fields.
By encouraging entrepreneurship and innovation, it is intended to boost Watford’s economy, improve business survival rates, and create new opportunities for local people.
Watford Town Hall (Image: Stephen Danzig)
Watford Borough Council says the hub is a key component of the broader Town Hall Quarter transformation, which is already progressing at full speed.
The Grade II-listed landmark is being restored and remodelled for contemporary community use. The regeneration will provide a new museum, a community café, social spaces, improved customer services, and the Innovation and Incubation hub.
Together with the recently restored Colosseum and future investments, the aim is to create a lively civic quarter, integrating culture, community facilities, businesses and enhanced public spaces.
Increased footfall in the town centre, from more workers and businesses, is expected to strengthen the business community.
Watford mayor Peter Taylor said: “Watford is a thriving place, and the innovation hub will help us deliver our ambitions to ensure our town continues to grow and prosper.
“This dedicated space will help support local and regional businesses, unlocking economic growth and attracting further investment into Watford. This will create new jobs, open up more opportunities for local residents, and reinforce Watford’s position as a hub of enterprise and creativity.”