The long-awaited regeneration of Liskeard Cattle Market is set to go ahead with the support of a £590k investment by the Cornwall and Isles of Scilly Local Enterprise Partnership.

The LEP’s funding comes from the Government’s Local Growth Fund and is part of a £975k project led by Cornwall Council to kick start the regeneration of the 1.4 hectare council-owned site in the heart of Liskeard.

The cattle market closed in December 2017 and since then work has been going on with Liskeard Town Council, the community and other groups about how to transform the site with a mix of uses that will support the vitality of the town centre.

The first phase will involve the demolition of derelict buildings and cattle pens and the completion of a detailed masterplan for the whole site.

This work is expected to unlock a further £5 million of Cornwall Council and EU funding to create The Workshed, a new building at the town end of the site with 17 flexible units aimed at Cornwall’s booming digital and creative industries sectors, supporting around 33 jobs.

The adjacent car park will be relayed and a new covered market area will be created, together with high quality public spaces. A planning application will be submitted shortly and once developed, The Workshed is expected to add around £1.2 million a year to the local economy.

The investment has been welcomed by South East Cornwall MP Sheryll Murray, whose constituency includes Liskeard. She said: “Liskeard Cattle Market represents a huge opportunity to create something really special in the heart of the town and this Local Growth Funding is the catalyst that will make that happen.”

Glenn Caplin, chief executive of the Cornwall and Isles of Scilly LEP, added: “This is an exciting project for Liskeard and the LEP and paves the way for this site to bring added vitality to the town centre with new employment, community facilities and public space. By enabling the creation of The Workshed we are also supporting Cornwall’s fast-growing digital and creative sectors, which are priorities for the LEP.”

The LEP’s investment is the latest from its £78 million Local Growth Fund allocation secured from the Government in the last five years.

Other projects include a recently announced investment of £700k towards new workspace in Porthleven; £575k in seafood supplier Falfish in Redruth; an £8.4 million investment in Goonhilly Earth Station; £2 million for creative industries workspace at the Hall for Cornwall; £2 milion for business and incubation space in Newquay and £1 million towards energy efficiency and electric vehicle projects on the Isles of Scilly.