IT IS hoped to tempt media companies to set up shop in Margate's Old Town. Thanet Council has acquired the former Lloyds Bank building in King Street with the intention of turning it into a media centre, as part of its plan to create a cultural quarter.

Architects Rowlett and Taylor Design have submitted a planning application to modify and extend the building. It would include a commercial workspace, residential units and a multi-purpose area for presentations, performances and exhibitions.

The project would be similar to buildings in Brighton and Sheffield and it is hoped it would attract creative industries, such as broadcasting, film and video production, publishing and music. New businesses and the unemployed would be encouraged to use the space.

Cllr Paul Rollins, cabinet member for regeneration, said: "The plans for the media centre will encourage the growth of new and innovative business and this development follows on from the early success which we have achieved at the Kent Innovation Centre.

"The media centre will bring the former Lloyds Bank building back into use and should act as a hub for further development in Margate Old Town."