Revamp £8.4m hub for business and community nearly complete
CHELTENHAM’S ambitious £8.4 million Minster Exchange (MX) regeneration scheme, which includes workspace, a cafe and space for events, is on track to open in time for the summer.
The urban rejuvenation scheme is nearing completion, with final works under way at the MX Innovation Centre.
If all goes well, the MX, which has been designed to breathe new life into the historic centre of the town, could open in May. The modular building is designed to provide a safe and trusted environment where the community can come together professionally and socially.
The MX spans 20,000 square feet of innovation facilities, including workspace, The Growth Hub to support business development, cafe and space for events and education, while the external Minster Gardens area has benefited from new pathways, seating, lighting, CCTV and greenery.
The project is a partnership between Cheltenham Borough Council and Hub8 by Plexal, the workspace dedicated to growth of the local tech community.
In line with the MX Innovation Centre’s commitment to secure the town’s future for businesses and residents, Hub8 by Plexal has opened applications for a new Grown in Cheltenham programme. It’s an opportunity for Cheltenham-based founders to fasttrack their companies with six months of free, tailored business support.
Interested parties must be an earlystage startup in Cheltenham, must be registered in Cheltenham and/or its impact is significantly felt within the borough and not a current member of the Hub8 by Plexal startup community.
Companies will be in the expert hands of Plexal’s innovation team, which work with some of the biggest government departments, enterprises and most exciting startups in the UK, helping them to achieve their innovathe tion and growth goals. Those interested can contact hello@hub8and.co.uk
Borough council leader Rowena Hay (LD, Oakley) said the MX will establish the area as the heart of the town once again. She said going ahead with the project took courage and conviction to say “this is the right thing to do”.
“It will bring together the Wilson Art Gallery and Museum and, with its large performance space, encourage a real cafe culture,” she said. “In the surrounding area, we have invested in improved lighting, seating and footpaths to achieve better connectivity between the high street and promenade as part of our town centre investment.
“The MX and space around it can be enjoyed by businesses, residents and community groups and I am delighted that we are nearly at the point of completion of this innovative scheme, which links into Golden Valley and will benefit us now and into the future.’’
She said it has been a rocky road but the project is now 99 per cent completed. Tenants have signed up to use site and it is understood that 60 per cent of the MX has been allocated.
Bruce Gregory, managing director at Hub8 by Plexal, says the ultimate ambition is to create economic and social prosperity for communities through innovation.
“It’s a mission we at Hub8 bought into wholeheartedly, which is what led us to accept Plexal’s majority shareholding offer last year,” he said. “Now in 2024, we’re fast approaching the tangible realisation of this vision, with the MX Innovation Centre forming part of a broader goal to secure our future as Cheltenham looks forward to growing the technology ecosystem alongside the Golden Valley development.”
Economic development, culture, tourism and wellbeing cabinet member Max Wilkinson (LD, Oakley) said Cheltenham is working well with partners to bring the project forward. He said it will create high-value jobs and 200 will be supported at the MX.
“When we get to the end of this project, we will have next to our oldest building something that fits in with the future vision of what Cheltenham has got to be. It means bringing good, hightech jobs, jobs for the future and places to support startups.
“The gross value added for the local economy is going to be something in the region of £18m a year, which is absolutely huge for a town the size of Cheltenham.”
He said the town is growing on its unique selling point, which includes cyber skills and cyber security. “Were we to just have everything happening out on the edge of Cheltenham next to GCHQ, I think that would be doing a disservice,” he said.
“This building helps bring what’s happening which is hugely exciting and internationally important on the edge of Cheltenham right into the town centre. It provides that direct link.”