The European Union has pitched in with a £3million grant so the UK’s first 360-degree video dome will definitely be built.
The European Regional Development Fund (ERDF) has given £2,810,638 of capital funding and £201,318 of revenue funding towards the ground-breaking Devonport Market Hall project, which is now under construction and due to be open in the spring of 2020.
The cash contributes to the overall £7.4million cost of the programme to redevelop the 166-year-old, Grade II listed building, which had been derelict, and build an extension to double its size, transforming it into a hub for innovative and emerging technology and a base for 30 businesses.
Funding had already been received from local and central government, with £1million secured from the Chancellor of the Exchequer, £488,000 from the Unlocking Growth Fund courtesy of the Heart of The South West LEP, £2.5million from the Homes and Communities Agency (HCA) and £403,000 from Plymouth City Council.
The Victorian Devonport Market Hall will become a hub for digital and immersive technology with 3,000sq ft of co-work space, along side a 15m diameter dome for immersive, virtual reality (VR) and mixed reality (MR) experiences.
The Real Ideas Organisation (RIO) has been working on plans for the building since 2013 with a dream to create Europe’s first immersive dome, where audiences will be able to watch live sport, cultural events such as dance and music, and nature films on a video screen which totally surrounds them.
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RIO appointed Classic Builders as contractor, and that compay has been on site at the Duke Street development since March 2019, working to restore and refurbish the Market Hall and create the extension to double the capacity of the space and to house the immersive dome.
The ERDF funding will help RIO to support 30 small businesses during the next two years by providing guided support and flexible, collaborative workspace.
Lindsey Hall, RIO chief executive, said: “We have always believed in the potential of the Market Hall; not only to showcase digital creativity and innovation in the city, but also to nurture and grow local talent and realise new immersive opportunities to grow the creative economy.
“Critically, the Market Hall will also offer exciting new activities and facilities for everyone in Devonport, across the city and beyond.
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Business Live's South West Business Reporter is William Telford. William has more than a decade's experience reporting on the business scene in Plymouth and the South West. He is based in Plymouth but covers the entire region.
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“With the full £7.4million now in place we can proceed at pace with a view to opening the Market Hall in spring 2020 as part of the Mayflower 400 Commemorations.”
Tudor Evans, leader of Plymouth City Council, said: “The Market Hall development is a revolutionary idea, transforming an amazing - but derelict – building into a flexible and innovative workspace that will support small businesses and start-ups in the city.
“We’re proud to be supporting this project, which is going to play a key role in growing Plymouth’s creative economy.”
