Tenants supported by council workspaces providing nearly £5m to local economy.
The county council does a lot to support businesses across Lincolnshire to start, grow and invest in the county. This ranges from business support, through Business Lincolnshire, to championing and advocating for key sectors, through programmes like the UK Food Valley.
A key part of supporting small and medium enterprises across the county is our economic infrastructure portfolio.
This is a portfolio of commercial properties that provide businesses, from start-up to scale-up, with a place to grow and thrive in areas where the private property market is not meeting business’s needs.
Across Lincolnshire, this portfolio directly supports 146 tenant businesses and helps to create and safeguard 128 jobs.
It’s estimated that this supports approximately £4.86m of economic activity every year, on net operating cost of just £494,000 once rental income is considered.
It’s an effective low-cost, high impact way the council can drive economic growth in local areas, and tenants have been glowing in their recent reviews of the facilities provided.
The Council's latest tenant satisfaction survey found that:
- 94% of tenants would recommend Council-owned premises to another business.
- 95.7% were satisfied with the location of their premises.
- 94% were satisfied with the condition of their accommodation.
- 92.3% were satisfied with the services provided by the Council as landlord.
- 90% were satisfied with their office or industrial unit.
Simon Wright, Regeneration and Portfolio Manager at Lincolnshire County Council, said: "The council’s portfolio exists to support businesses at every stage of their growth journey, from start-ups to scale-ups, and the satisfaction of the majority of our tenants helps to demonstrate the value in our approach.
“Our portfolio is specifically designed to fill the gaps in the private commercial property market, providing businesses with flexible lease arrangements, direct business support, and workspaces to help them grow and succeed.
“Thanks to this, we’re supporting hundreds of businesses, maintaining standards across our sites and helping to create and safeguard hundreds of jobs across Lincolnshire.”
Unlike traditional commercial landlords, the county council combines flexible workspace with business support, networking opportunities and engagement activities designed to help businesses develop and grow.
Over the last year alone, the service delivered a programme of business support events covering topics including recruitment, employment legislation, digital technologies, artificial intelligence, and energy efficiency.
The success of the support and facilities has been tangible with several businesses progressing through larger officers and moving out into their own dedicated premises, such as the award winning Fariman Knight and Sons, who invested locally following their tenancy at the South Lincolnshire Food Enterprise Zone.
Simon Wright added: "There’s been lots of great success stories over the years, with businesses growing to the scale where they need their own offices or factories. And, ultimately, this is exactly what we want to see.
“It shows that our approach works, that we can support these small and medium-sized businesses grow by providing that perfect space where they can start and scale in a supportive environment.”
The Economic Infrastructure portfolio forms part of Lincolnshire County Council's wider commitment to supporting economic growth, attracting investment and ensuring businesses have the facilities and support they need to thrive.
Businesses interested in commercials spaces offered by the county council can find more information on www.businesslincolnshire.com/commercial-property-finder.