Renovations began on the old Billingham Neil Motors shed yesterday, and it is expected to be finished and open for business by Christmas this year.

When it opens it will be home to a number of local businesses, including a baker, gelato stall, barber, whisky seller, food court, as well as a workshop and exhibition space for local artists.

The project is spearheaded by husband and wife team Danny and Jill Russell, who are working to turn the dilapidated sheds into a bustling marketplace and a place for arts and community events.

"We realised there's a need there - the creatives in town don't really have a place where they can go and be creative," Mrs Russell said.

"They're finding it hard to get the creativity flowing."

One of the buildings will be turned into a "Maker's Shed", which will host workshops on everything from woodwork to alpaca wool weaving.

The old mechanic spray booth will be turned into a gallery, which already has a long waiting list of local artists keen to display their work and hold art functions.

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The main area will house the bulk of the businesses, and so far more than 20 operators have expressed interest in setting up shop.

"We want to be a boutique marketplace that establishes itself as a one-stop shop for quality local products so we can keep the money local," Mr Russell said.

"There's a real surge in appreciation for those locally grown, locally supplied products."

The project was dreamed up by Mr Russell back in 2014, however it took a few years for him to persuade Mrs Russell to give him permission.

Now Mrs Russell is fully on board, and their dream is to turn it into a family business that their children will one day inherit.

"It's a real family affair - we've got three kids and we're trying to take them on the journey so that maybe one day they can take over," Mr Russell said.