On a busy Sheffield street, a row of empty, redbrick Georgian houses stand unnoticed by the hundreds of locals who stroll past on their way to work each morning.

But within a year these town houses will be transformed into a centre for Sheffield’s next wave of creative talent with art, business and nightlife all bundled under one roof.

The £1.1 million development – The Roco – will see seven of these Grade II listed buildings on Sheffield’s Glossop Road converted into a 17,000 sq ft creative industry space.

The sprawling complex will include shops, two exhibition spaces, a café bar and deli, private art studios and a rooftop garden terrace with a micro greenhouse.

An adjacent new-build backing onto Hounsfield Road will house meeting facilities and create two central courtyards and gardens.

The project is the brainchild of Andrea Burns and Chris Hill, business partners intent on building Sheffield’s first large co-operative dedicated to the creative industries.

They want to create a project that will support and champion Sheffield’s creators, artists, designers and makers.

“Sheffield is home to some 2,100 creative businesses and over 10,000 people who work in the creative industries, there is a huge amount of talent and originality springing from the city,” said Burns.

Two years ago Hill, a social property developer from Leeds, was asked to convert the Hutton Building, in West Street, Sheffield, into a creative industry space.

He asked Burns to get on board but the plans fell through last year.

Undeterred, the pair jumped at the chance to convert the unused houses on Glossop Road instead, which are owned by the Church Burgesses Trust charity.

Burns, who will be Roco’s chief executive, has helped develop over 50 small and medium enterprises across Sheffield in the last five years, working with private sector, local government and education organisations.

Hill, Roco’s development director, has worked on several co-operatively owned properties including the Headingley Enterprise Arts Centre and Shine in Leeds and Unity Works in Wakefield.

Hill said: “Too often social enterprise gets stuck in the ideological mud of public service delivery.

“We’re just about inspiring people to do great things in an enjoyable way. We take money out but only enough to make Roco work.”

So far, the pair have secured over £650,000 investment to complete building work across the site.

They are now inviting the public to purchase shares to become co-operative members.

£200,000 of community shares are available to businesses and individuals starting at £200.

Investors will receive democratic voting powers and a 5% return paid yearly from the first year. Other membership benefits will include retail discounts and priority event bookings.

“What’s refreshing about our creative co-op model is that we are targeting a really broad community of users to be our members,” Burns said.

“You don’t have to work at Roco to be a member and buy shares, you could be a visitor to our galleries, or a designer maker who sells in our store.”

She said a number of early stage investors had already come forward.

Hill added: “The great thing about the co-operative model is that you’re prepared to share things in the knowledge someone isn’t ripping off your idea to turn it into their own profit.”

“It’s particularly true of creative workers where project groups can come together and dissolve when the project’s finished. Roco will be a rallying point for these people; they’ll know where to find each other.”

Nick Brown Architects, of Leeds, have drawn up the plans for the development, which is set to open next spring.

Architect Nick Brown said: “The Roco vision incorporates a number of objectives that we hold dear as a practice; the conservation of Listed buildings and projects that can make a real difference to the social and sustainable needs of a community.”

Burns said: “Sheffield City Council have been very supportive of our plans too, specifically about our green roof terrace that will be home to our herb and flower gardens. It will be a great place to spend time in the summer.”

Visitors will be able take a stroll through one of the galleries, browse the bookshop or buy a basket of fresh produce from the deli.

And after that, they will be able to enjoy a meal or drinks in the café bar.

Artists, designers and makers are invited to take up residences in the 30 office studios.

They will also be able to use a co-working space overlooking the rooftop terrace and a maker house and maker shed will house the latest tech tools and equipment.

The ROCO is set to be a living wage employer, generating around 25 jobs.

“Quite simply the minimum wage is not enough. We are not a ‘profit at all cost’ company, we believe that value can be generated in more ways than just economically,” Andrea said.

“We’ve worked hard to create a robust business model that can support fair pay and that creates opportunity.”

The Roco team have planned to get several projects off the ground before the official launch in 2015, including their “Do Goods” initiative.

The “Do Goods” project is designed to encourage creative entrepreneurs to develop sustainable, environmentally friendly products and services that can provide positive social change.

Burns said: “Do Goods is a project very close to my heart, I see an exciting future where creative people use their skills and imaginations to design products and services that provide a positive social impact.

“I have found projects like Sara Collins’ ‘Wonderbag’, a non electric cooker saving fuel and lives of women in Africa, incredibly inspiring.”

The ROCO will be holding an open house weekend on 28 and 29 June as part of Sheffield Design Week.

For more information about The Roco see: www.theroco.org