The Hub will be built at the site of the derelict Palace Theatre on the Esplanade and is part of the seafront improvement scheme designed to breathe new life into the town.

Cabinet Member for Culture, Leisure and Tourism, Councillor Sheelagh Clarke, said: “The Hub is an integral part of the seafront scheme which is designed to help attract more visitors to the town as well as embrace emerging new industries in the area.

The £40m seafront scheme also features an 80ft-high vertical pier, strengthened flood defences and a new promenade.

Birse will deliver the sea defence and main promenade improvements stretching for 2.7km under a £21m contract signed last month.

A £10m vertical pier forms part of major improvements to take place on the town’s seafront over the next two years.

Cabinet Member for Economic Development, Councillor Mark Hannon, added: “I am delighted we are able to provide an exciting new base for up and coming firms in the area. It will boast 35,000sq ft of business space, including 32 managed offices, along with workshops, studios and communal spaces and offer businesses an array of support and create much needed employment.”