THE University of York has signed a 15-year lease for the city's Guildhall, allowing the historic riverside complex to become a hub for business, enterprise and events.

The buildings will be leased to York Science Park (YSPL), a subsidiary of the University of York, which will offer support for entrepreneurs and start-ups looking to grow.

City of York Council said the lease will begin when the £21.7 million restoration and redevelopment of the Guildhall, which began in September 2019, is completed this autumn.

A spokesperson said the complex will offer high quality business office, meeting and events space, a cafe and a riverside restaurant, and it will be available for community, civic and council use.

They said the new riverside restaurant was not part of the lease and work was underway to attract a tenant, and members of the public would be invited to a series of scheduled events, offering an opportunity to learn more about the building's history.

"The terms of the lease also ensures that the council will retain access to the Guildhall for civic events such as Mayor-making, and full council meetings," they said.

Council leader Keith Aspden said he was delighted the university had signed the lease, as the authority firmly believed it was the ideal tenant to manage the historic asset.

“The University of York have experience in managing other historic buildings, such as Kings Manor, and are, of course, important partners in helping take forward our economic strategy to drive inward investment and inclusive growth in York," he said.

University Vice-Chancellor Professor Charlie Jeffrey said the renovated Guildhall would offer 'fantastic opportunities' for collaborative working to support business start-ups, drive innovation and growth.

"I look forward to seeing how the facilities at the Guildhall will be used by students and new businesses to support and inspire the next generation of entrepreneurs, including opportunities to promote social enterprise and charitable work for the benefit of the local community."

Sir Roger Marsh, Chair of the Leeds City Region Enterprise Partnership (LEP), said:“Innovation and new ways of working will be key to the future prosperity of our region and the North, so it’s great to see the Guildhall being brought into new life for York’s business community."

The council spokesperson said the restoration project had now reached a crucial milestone, with heavy construction work completed and the tower crane currently being dismantled by a 100 tonne crane on a barge.

They said funding for the project was provided by the council, the York and North Yorkshire LEP and West Yorkshire Combined Authority through respective HMG Growth Deal contributions and the Getting Building Fund.

“This project shows how important the £1 billion Growth Deal we secured with Government has been. Independent research we have commissioned shows it has delivered £12 worth of lasting benefits to the region for every £1 of Growth Deal funding invested.”