The owners of a successful Bradford business centre are to invest around £500,000 to provide modern conference and meeting space.

It is the latest expansion at the Carlisle Business Centre, in Manningham, which last year converted the basement into nursery units for emerging businesses.

Centre owner Action for Business Ltd has secured a £470,000 loan and grant funding to carry out the work, which will be undertaken by local contractors.

The move follows a feasibility study by Community Builders, a £70 million investment fund which invests in sustainable community-led organisations to create space for activities and providing services and stimulating community enterprise.

The funding will enable ABL not only to create conference, training, meeting and community space, but also to improve the centre’s kitchen, cafe, toilets and cloakrooms.

ABL chief executive Jenny Pupius said: “This development will help secure financial sustainability for ABL and it will enable us to extend the range of social opportunities offered to local people such as mehndi parties and small Asian weddings at affordable prices.

“Moreover, ABL’s commitment to using local suppliers means we’ll be creating work for local people too.”

Local suppliers for the project include architects Chris Eyres Partnership, quantity surveyors Michael Eyres Partnership and construction firm Whitaker & Leach.

Carlisle Business Centre was created by ABL after its formation by the Manningham community 20 years ago.

The centre was developed from the then derelict Carlisle Mills and has been a focal point for community activities and new business development.

The centre provides competitively-priced office space and support facilities as well as rooms for conferences, meetings, events or parties.

All profits are ploughed back into supporting projects to improve the health, skills and social cohesion of the Manningham area.

In January, 2010 eight affordable air conditioned offices were opened in former waste in the basement of Carlisle Business Centre.

The £176,000 development was funded by Bradford Kickstart, the Council’s enterprise support programme.

Initial tenants included an innovative online travel firm, a specialist recruitment business for the health and social care sector and an IT software business.

The new area was officially opened by Bradford’s then Lord Mayor, Councillor John Godward.