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It is recommended that the Director authorise
the provision of a £310,000 grant sourced from the Council’s Capital Programme to
a Bearmont Group (Bearmont) for the purpose of supporting the pilot
phase cost of the construction works required create a
flexible food court area within the Grade II listed Market
Hall.
 
This is a decision for the Director in
consultation with the Chief Legal Officer and the Chief Finance
Officer.  Portfolio holder and ward
member have visibility of the project and briefing note summarising
the approach will be forwarded in advance of the publication of the
ODN.
 

Reasons for the decision

The revitalisation of the
Market Hall has been identified by Cumberland Council as a priority
city centre regeneration asset.  The
grant is intended to remedy a market failure in regard of the
Market Hall which has a 64 % vacancy rate of market
stalls.  It has been acknowledged that
the indoor market – exacerbated by a history of a complicated
leasing / management structure - has been underperforming relative
to its latent potential and has failed to diversify and adapt to
the changing environment (and trends) on the high
street. 
 
A pilot project commenced five
years ago to look at increasing the food & beverage offer in
the indoor market as this had been successful in other similar
market places.  Vacant stores were
repurposed and others used to create seating areas.  The project has successfully evidenced by
increased footfall and a wider demographic of operators and
users.  However, further progress can
only occur with major investment to reconfigure the existing
facility. An extension of this pilot phase is proposed based on the
findings of a recent options appraisal funded by the UK Shared
Prosperity Fund.
 

Alternative options considered

The Council has considered the option of
undertaking the work, however, it is more cost effective for
Bearmont to implement the scheme as
part of their ongoing improvement works of the Market Hall. There
would be added value to the improvements resulting from the grant
spend as Bearmont will meet the funding
gap.