A BUSINESS unit aimed at nurturing the growth of multi-million pound companies of the future will be opening next month.

About 60 per cent of the 27 offices at the 14,000 sq ft North Colchester Business Centre have been leased in advance.

The £2.4million building, to be run by Colchester’s enterprise agency, Colbea, offers an all-in deal designed to make it easier for entrepreneurs to turn their money-making ideas into a reality. Rents per square foot will be the same or higher than for commercial units.

However, tenants will benefit from a shared, staffed reception area, phone and internet connection, training and meeting rooms and optional free business advice and support.

The centre was funded with grants of £2million from the Government and £400,000 from Colchester Council, allowing Colbea to set aside all future rent profits for tenant services.

Colbea chief executive Bob Baggalley said: “We are not subsidising businesses with low rents, but we are able to offer a full range of support services which commercial landlords cannot.

“These new facilities are all about helping businesses grow, bringing economic prosperity to the area.”

The centre will be the second opened by Colbea, which runs a similar facility for 36 tenants in George Williams Way, off Magdalen Street.

The sites are referred to as “incubation” units as it is hoped businesses will grow and move to independent premises.

At the George Williams Way site, 105 businesses have been, or still are, tenants, and 15 per cent have ceased trading.

That compares to a reported failure rate of 40 per cent for Colchester small businesses overall.