Decision details

To update Cabinet on options for the regeneration of the Indoor Market Hall at the Eastgate Shopping Centre and to seek approval to progress negotiations.

RESOLVED that:

(1)      the City Council continue negotiations with their headlease holder, Rockspring Investors, to create a new indoor market either on the first floor or split between the ground and first floors of the Eastgate Shopping Centre subject to:

a)    acceptable arrangements for layout and rental levels being agreed with a focus on attracting new food and other retailers and subject to all existing market traders being offered an opportunity for a new stall if they so wish.

b)    final agreement as to costs with Rockspring Investors and a proper return being achieved for the City Council’s leasehold investment.

c)    acceptable lease terms being agreed to ensure longevity and flexibility for both the new first floor and the existing ground floor premises.        

d)    satisfactory Consultant’s report to demonstrate best value.

(2)      only essential repairs are undertaken to the existing market hall for the very short term with a view to closing the building once the new market is fully operational. Negotiations with Rockspring to take place to minimise any essential repairs following service of their dilapidations notice. The cost of these essential repairs could form part of the service charge recovery in accordance with normal practice until the market moves to the new location.

           (3)      officers negotiate with Rockspring Investors regarding the future of the existing market hall site and how this asset maybe used for the benefit of the Council, the Eastgate Shopping Centre and the city centre generally, and report back to Cabinet in due course.