West Lindsey District Council and Dransfield Properties Ltd are pooling their resources to create a new hub of businesses and regenerate Gainsborough town centre.
The project will involve refurbishing the shop fronts to a high standard as well as upgrading the internal space. It is expected to see at least four shops refurbished and let in Gainsborough town centre over the next 12 to 18 months.
This comes after Dransfield Properties Ltd submitted a planning application for a 56 bedroom hotel on the site of the former Sun Inn, Gainsborough, bringing Travelodge and Ponti Italian Kitchen restaurant into the town.
This is the first time the local authority has entered into an agreement of this kind but it is confident it has chosen the right partner.
Leader of West Lindsey District Council, Coun Jeff Summers said: “We want to support investors and to do that we need to start to strengthen the appeal of the town ourselves.
“That is why I am delighted that we have agreed to this interesting and innovative approach of creating a Joint Venture Company.”
The council and Dransfield Properties will be focusing on Market Street, Market Place, Church Street and North Street.
The council’s new economic and commercial director, Eve Fawcett Moralee, said: “Our role in these projects is key but without partnership working we would not be able to achieve this alone.
“The Joint Venture Company will enable us to invest in shop units which will enhance the quality of the streetscape and attract people to let them.
“But we have a whole host of other projects running alongside this as part of our Invest Gainsborough work, which will complement this.”
Managing Director of Dransfield Properties, Mark Dransfield, said: “Working together I’m confident we can deliver an attractive and sustainable development which will create new jobs and attract more companies to invest in the town.”