Issue - meetings

Purpose of Report

To provide an update on the delivery of the new Cornhill Market, including the arrangements for the management, marketing and lettings process.

To review and approve the proposed schedule of rents in respect of the market stalls, which would allow for the formal lettings process.

Decision

1.    That the proposed Rent Schedule, to allow for the formal letting of the stalls within the new Cornhill Market be approved.

2.    That the Marketing Prospectus and Lettings Policy Framework be approved and Officers be authorised to proceed to prepare the final suite of documents required for the purpose of the marketing and lettings process.

3.    Approval of the final suite of documents in connection with the marketing and lettings process be delegated to the Director of Major Developments, in consultation with the Leader of the Council and Portfolio Holder for Economic Growth.

Alternative Options Considered and Rejected

None.

Reason for Decision

The regeneration of the building formerly known as ‘Central Market’ was a key project within the Town Deal Programme. The project would make an important contribution to the long-term vibrancy of the City Centre by providing a new and differentiated market offer, which would combine retail, food & beverage and communal dining, all within a restored and attractive heritage asset.

Over £7 million funding was being invested to upgrade the building (and adjacent City Square) so that it was fit for purpose for a modern market offer. This followed the approval of the Full Business Case for the project in July 2021. The schedule of works included:

-        Opening of the principal facades to the north and east elevations through the removal of the “blind” arches and the insertion of new full height glazing, providing sight lines into the building.

-        Comprehensive refurbishment of the external built fabric and the interior of the building.

-        Replacement roofing and glazed lanterns.

-        New heating and lighting.

-        Refurbished perimeter stalls and new, free-standing island stalls (35 stalls, including 22 island stalls) 

-        Installation of extraction to ensure suitability for hot food and beverage stalls.

-        Mezzanine floor, allowing for an additional food and beverage unit with communal seating areas.

-        Glazed, self-contained food retailing space under the mezzanine level.

-        A new self-contained restaurant unit, with balcony, accessed from Sincil Street.

-        Public realm improvements to City Square, providing a flexible space for the public to enjoy and for market-related activities and events.

The construction work was now approaching completion and arrangements were being made for the operational phase. The report provided an update on the work carried out to date to successfully secure an anchor tenant for the restaurant unit. The report further set out the proposals for managing the main market operation through the final fit out, marketing, and lettings phase.