Issue - meetings

That Cabinet approve:

a)       the conversion of the designated community space within 14 Market Place, Newark to a commercial use; and

b)      delegated authority be given to the Deputy Chief Executive/Director - Resources to enter into a future lease once a tenant has been identified.

The Asset Manager- Corporate Property was in attendance to provide an update on the tenancy of 14 Market Place, Newark. Members heard that since the December 2024 report considered and agreed by Cabinet, discussions had been ongoing with the potential end users of the ground floor part of the building for the proposed Community Hub. This included discussions with Lincoln College Group (LCG) and the Nottingham CVS who after viewing the property and plans decided against taking a tenancy at 14 Market Place due to the building not being large enough to incorporate their plans. Despite best efforts which included representations to, and by, the Newark Towns Board, it had not been possible to secure a tenant to manage and operate the ground floor throughout the week as a Community Hub. Having exhausted that option, it was proposed to market and let the ground floor space on commercial terms.

AGREED (with 6 for and 1 abstention) that Cabinet approve:

a)       the conversion of the designated community space within 14 Market Place, Newark to a commercial use; and

b)      delegated authority be given to the Deputy Chief Executive/Director - Resources to enter into a future lease once a tenant has been identified.

Reasons for Decision:

To ensure the continued utilisation of 14 Market Place as a commercial and residential asset, supporting the Council’s town centre strategy and maximising the value of a key property within the Council’s portfolio.

Options Considered:

Potential tenants such as Lincoln College Group and CVS were considered but ultimately declined due to the space not meeting their operational requirements.