Business support organisation E-Factor has completed the purchase of a prominent Grimsby town centre property.
St James’ House is now part of the portfolio, with plans to turn it into a hub exclusively for businesses. It is seen as a vital step in the transformation of St James’ Square - and had previously been earmarked for demolition.
A £1.5 million slice of Towns Fund money, twinned with “significant” private investment will see it repurposed, having agreed an undisclosed deal with the Parochial Church Council. Built in the early 1970s as part of the Bullring redevelopment, for many years it provided offices and meeting space for a variety of organisations, including the local authority and the BBC, while also providing accommodation for the parish office.
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It covers just under 10,000 sq ft, and had a guide price of £400,000.
Mark Webb, managing director of E-Factor, said: “We’re absolutely delighted that we can now plough on with our plans to develop this building and provide quality business accommodation for a variety of local businesses and entrepreneurs right in the town centre. There will also be space for business events and small conferences, all aimed at supporting local business people. This is a significant investment for our company, but we are determined to continue to be part of the positive story of growth in this area.
“We recognise that this building has been empty for some time and with our investment, supported by the Towns Fund, we are confident we can bring it back to life.
“We are an independent limited company, but every bit of our profit is reinvested in supporting the huge contribution local business owners and entrepreneurs make to this town. E-Factor will once again be providing wrap-around business support, easy-in easy-out terms and all the guidance we can give to help create and grow successful local businesses. The more people who do business in the town centre, the better it will be for shops and restaurants also located there.”
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North East Lincolnshire Council’s Cabinet approved a business case to help renovate the building last year, allowing the release of public funds from government. Leader, Cllr Philip Jackson, who has overseen the purchase of neighbouring Freshney Place, said: “The success of the Wilkin Chapman building on Cartergate and the redevelopment of St James’ Square, a key heritage asset in the town, meant that the next step was to deal with St James’ House in a way that can increase footfall in the town centre and provide benefit to other local businesses.
“I’m delighted E-Factor has taken this building on to bring a new dimension to St James’ Square. We are extremely pleased to support this scheme.”
E-Factor has been developing and managing a portfolio of commercial properties around North East Lincolnshire for more than 12 years, using the rent to fund the support it provides. It includes repurposing a former car dealership in Immingham, a doctor’s surgery on Grimsby’s Dudley Street and the complete transformation of a former factory, yard and smokehouse to create The Enterprise Village in phases.
Fr Chris Hewitt, Vicar of Grimsby Minster and chairman of the PCC, had appointed pan-Humber chartered surveyors Scotts Property to dispose of the building, with a number of expressions of interest.
He said: “We carefully considered these, not only from a financial perspective, but also with regard to the presence of Grimsby Minster and our social investment in St James’ Square and the surrounding area. The proposal from E-Factor provided the best fit and we are delighted to have sold the property to them. We look forward to seeing it play an important role in the future of St James’ Square and the town centre.”
Lawrence Brown, managing partner at Scotts, added: “We’ve been working with the PCC and the Minster, together with other agencies, for several years to try to bring forward various alternative uses for the building. We’ve considered residential conversions, offices, medical-related uses, art galleries and cultural space together with retail and restaurant units.
“We’ve been so close on several occasions - most recently immediately prior to the lockdown at the start of the pandemic, but, as everyone knows, this changed everything. All of this work had taken place ‘behind the scenes’ and when we were instructed, by the PCC, to openly market the property we received lots of interest from a range of different people. After careful consideration the offer from E-Factor met the objectives of the PCC most closely and we can now look forward to seeing a refurbished building in the heart of the town centre.”
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