Owners and tenants in Bishop Auckland looking to redevelop their properties, or bring empty buildings back into use, can benefit from a new round of grant funding.
Following the success of its first phase, Durham County Council has launched a second round of its Property Reuse Fund.
The aim of the funding scheme is to bring vacant buildings back into use by supporting businesses to expand into upper floors, or for the conversion of upper floors into residential or commercial use.
Having successfully supported 13 businesses in the first round of the PRF, the council has allocated £1.2 million of Stronger Towns Funding to launch a second wave, hoping to bring more buildings back into use.
Cllr Elizabeth Scott, Durham County Council’s Cabinet member for economy and partnerships, said: “The Property Reuse Fund is just one part of the significant amount of investment and regeneration being put into Bishop Auckland, to boost its economic viability and create a vibrant and attractive place for people to live, work and visit.
“We are keen to see the expansion of the range of services in the town centre. By reducing vacancy rates and bringing buildings back into use with a more diverse and modern retail, hospitality and accommodation offer, the Property Reuse Fund will help bring significant economic benefits to the town. It will provide new facilities for residents as well as attracting visitors who will want to stay longer, leading to higher levels of spend.
“Off the back of the first round of Property Reuse funding, we have been able to help 13 businesses and investors bring empty units back into use, which, in turn, allowed for the creation of jobs for people within the town. Due to the funding’s success, we have decided to allocate Stronger Towns Funding to launching round two, and we hope to achieve more results for Bishop Auckland through the next phase of the scheme.”
Owners and tenants can apply for round two of the Property Reuse Fund. Due to high demand and significant amount of interest, applicants will need to provide evidence of job creation and bringing vacant floorspace back into use.
The project is part of the Stronger Towns Fund programme, which aims to revitalise the high street and contribute to the town’s economic growth by diversifying its visitor offer.
It is helping to boost the town’s retail and hospitality sector, supporting the conversion of under-used buildings and ensuring the area is accessible.
The Property Reuse Fund and the Stronger Towns Fund are also a vital part of the council’s Bishop Auckland Masterplan and its investment of over £50 million to regenerate the town centre.
Furthermore, the plans and proposals support the council’s Towns and Villages Strategy, which aims to act as a catalyst for further regeneration and investment throughout County Durham and seeks to deliver the best outcomes for communities.
Property owners or leaseholders can enquire about this funding by e-mailing ced@durham.gov.uk
