6 Cross Street , Eye Mid Suffolk Operator

In October 2019 Babergh and Mid Suffolk District Councils commissioned Menta to carry out a Grow on Space Supply and Demand Analysis - 318MEN Grow on Spaces Study V2.01 midsuffolk.gov.uk, which was subsequently updated to reflect the impact of the Covid 19 pandemic in August 2021.

Following in depth consultation with local businesses and property agents, this study highlighted the need for incubation and start up space that is in or on the town outskirts where there are better services and amenities.

There is currently a lack of co-working and hot desk space in the Eye area which would present little competition if a new space were created.

The Council is seeking to develop an innovation space and incubator facility in Eye which can provide a supportive environment to enable starts ups to grow, flourish and collaborate.

In the report, Mid Suffolk has an identified supply shortfall for incubator space of up to 1,500 sq. ft.

New build investment costs for incubator space are high and, because of high churn, the security of rental income means commercial investment is seen as high risk by commercial developers.

This has led to a lack of investment in the delivery of incubator spaces across the district.

It has been identified that other districts which have invested in incubator space have seen the reward of growth and higher success rates of start-up businesses.

The location of this building in town, in the heart of the town centre will enable businesses to benefit from better services and amenities.

In addition, the creation of a new business community which gives the opportunity to collaborate, network, and share experiences and knowledge can be a key contributor to the vibrancy of the town centre.

This investment underpins the organisation's vision and mission which is to provide strong, proud, and inspirational leadership, and that we will strive for excellence, and together build great communities for everyone to live, work, visit and invest in.