£3.4 million innovation incubator ready for first businesses in County Durham

£3.4 million Salvus House has opened for business at Aykley Heads, Durham.  The building is aimed at supporting new entrepreneurial businesses who wish to locate in Durham.

The building is home to a new collaborative partnership between the council, Durham University and New College Durham to support new entrepreneurial businesses who wish to locate in the City.

Established companies can rent parts of the 32,000 square feet of office space at Salvus House, but there is also incubation space, which can be rented by companies that are just getting started. Longer term it is hoped that these new companies will expand into offices on the Aykley Heads site.

Leader of Durham County Council, Simon Henig, said: “As a council we are leading the way in innovation when it comes to attracting new business to County Durham and supporting those existing businesses looking to expand here.

“The opening of Salvus House is just one example of how County Durham is fast becoming a beacon for business, attracting leading lights of their industries to locate here and in turn bringing investment, job security and business diversity to our county.”

The council’s role in the scheme, as well as the management of the office space, is being carried out by Business Durham, the authority’s business gateway. The income from the site is expected to see Salvus House become self-financing from its fourth year of operation.

There have been a number of expressions of interest in the Aykley Heads site from businesses, in part, as a result of the growing reputation the council has earned for its innovative approach to business support. Most notable of the recent successes, is the agreement which secured Atom Bank – the UK’s first digital-only bank – at the Aykley Heads site for their global headquarters. This followed the council’s decision to take shares in the company rather than charging for the use of the building.

Now, with the opening of Salvus House, the council can provide a modern space for businesses that want to locate to the area, securing jobs for County Durham and further cementing Aykley Heads’ reputation as a growing area for cutting-edge companies.

Cllr Neil Foster, Cabinet member for economic regeneration, said: “The opening of Salvus House marks another stage in our commitment to building a stronger economy and creating jobs in County Durham.

“Our innovative approach has already seen the country’s first digital-only bank choose to locate itself in Durham and we are looking forward to seeing new companies flourish here at our business incubator at Salvus House.”

For further details about what is available for businesses at Salvus House, please contact enquiries@businessdurham.co.uk

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