A Sunderland City Council development continues to shed money - but the local authority leader is adamant it remains 'key' to the city's economy.
The Software Centre, a £9m development designed to boost Wearside's tech sector, is heavily subsidised by the council.
First opened in 2013, the centre was intended to provide office space to start-ups but it has never managed to turn a profit.
ChronicleLive has previously revealed the development, located on Tavistock Place in Sunderland city centre, has hemorrhaged cash over its lifetime and the pattern is continuing.
In 2017/18, the council poured £655,909 into the venture and recouped just £367,969.
The following financial year, the council slashed its subsidy to £575,009 but recouped even less (£342,120) - the lowest ever return from the investment.
It follows consecutive years of six figure losses despite millions being spent to keep the site going.
Councillor leader Graeme Miller has told taxpayers the site is a 'valuable hub' and its financial benefits run deeper than the balance sheet, describing it as a 'long-term' and 'strategic' investment.
He said: "In the early years, while occupancy is building, incubator centres may have overheads which exceed their income from rents.
"However, this is recouped with dividends – not only through the creation of high-value jobs for residents in the city, as well as the economic benefits that brings through their spend in our city – but also, as the businesses set up in our hubs migrate to larger suites and indeed into their own spaces within the city."
The council has previously been accused of 'bailing out' the centre at a time when there are massive financial pressures on key council services.
According to the Software Centre's website, hot-desking facilities are available for £52 per month, £2,124 per year for a 20 metre square office and up to £21,123 for 196 metre square space.
It boasts 'innovation rooms... with whiteboard walls', a 'stylish cinema room' and a 'one-way mirror' room for businesses.
