Development of the site focused on retaining the classic Victorian character of the building and fusing it with contemparary features, thus restoring a historic building with modern design. Work on site started in 1998 and was completed in 2001 at a cost of £1.5 million. Through careful re-use of materials embodied in the existing buildings the project has enhanced the local environment while paving the way for sustainable ventures and employment. Design of the refurbishment has incorporated many features from Braille lettering on lift buttons to the high-level steel walkways to ensure maximum accessibility for everyone. The regeneration of the Phoenix Yard has had a catalytic effect; almost all of the previously vacant and redundant industrial buildings in the vicinity have now been brought back into productive use.
The transformation of the building was financed through a combination of grants and loans available to support such as Phoenix Yard. Funding came from the European Regional Development Fund and English Partnerships and the project secured loans from the Local Investment Fund, Triodos Bank and Royal Bank of Scotland.