Work to transform Plymouth’s derelict former Millennium nightclub and cinema building into a music venue and business hub will begin in early 2022 after nearly £300,000 was raised from hundreds of shareholders.
A last-gasp push for investment, via a community share offer on the Crowdfunder platform, saw the £285,000 target hit with just a few hours to spare.
A late surge from dozens of small-scale investors even saw the offer amass an extra £11,000 closing at £296,125 at 11.59pm on December 20.
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Plymouth's Millennium building redevelopment saga
In total 453 people or organisations invested in the project to revitalise the former cinema building, which has been awaiting development since God TV abandoned plans to turn it into a TV studio for live events.
Among more than 70 investors snapping up shares in the final hours of the appeal, were some injecting more than £5,000 each, but most were for the minimum £50 offer.
Nudge Community Builders, the social enterprise which bought the vast Union Street building in 2020, was delighted with the response and will now embark on plans to transform the ground floor of the building into business space.
It is already in talks with two businesses eager to move into the space, with deals expected to be finalised by February 2022.
Hannah Sloggett, co-director and co-founder of Nudge Community Builders, said work would begin on services such as drainage and electrics on the ground floor, followed by the construction of internal walls for incoming businesses.
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“We hope to have tenants signed by February, and moving in by the summer,” she said.
The community share offer was launched in October 2021, with investors promised a 3.6% return and a stake in the redevelopment of one of Plymouth’s best known, but most in need of renovation, buildings.
In November the Community Shares Booster Programme, run by Co-operatives 海角视频, pledged £100,000, and as recently as last week Plymouth City Council decided to purchase £30,000 of shares.
Hundreds of individual investors have backed the project too, with donations from the minimum £50 and some running into thousands of pounds.
Among the late surge in support, two anonymous investors injected £5,000 each, and there was also £5,100 from Real Ideas, the community interest company which has successfully redeveloped Devonport’s Guildhall and Market Hall.
“But there were hundreds of small investors too,” said Mrs Sloggett. “And that was exciting as they now become part of making the building something special for the city.
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She said that about 60 people, who bought shares as a festive present for someone, will now receive a Christmas card along with their share certificate. Other investors will receive share certificates in the new year and all shareholders will be invited to visit the building and will be kept informed about development plans.
Nudge is working with partners at London-based workspace developer Eat Work Art, which has already renovated run-down buildings in London and Plymouth, to bring the enormous former cinema and nightclub back into use. While the cash from the community share investment will now go towards having the ground floor of the gigantic pile in use by 2022, work will then have to continue on creating a music venue in the main auditorium. The overall project could cost up to £4m.
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