Issue - meetings

AGREED that Cabinet:

a)        approve the refurbishment of the entire property to a shell and core finish noting the estimated capital cost for full refurbishment in the exempt Appendix; and

b)       a further report be brought to the Cabinet with options for future use, including an update on associated capital costs and financing.

The Business Manager – Corporate Property presented a report which set out options and recommendations for the Council owned property, 14 Market Place, Newark. The property was in a prominent position in the town centre of Newark with a dual frontage onto the Market Place and Queens Head Court. It comprised a large basement, ground floor retail space and former residential space spread over the upper three floors. It was reported that the property had had minimal investment in previous years and did not meet current standards for it to be used as a viable commercial unit. In addition, the upper floors did not conform to a habitably or lettable standard.

AGREED (unanimously) that Cabinet:

a) approve the refurbishment of the entire property to a shell and core finish noting the estimated capital cost for full refurbishment in the exempt Appendix; and

b) a further report be brought to the Cabinet with options for future use, including an update on associated capital costs and financing.

Reasons for Decision

14 Market Place sits within a prominent position in Newark town centre and is in disrepair and unoccupied. This recommendation will enable the property to be brought back into use and will help deliver Community Plan objectives through sustainable economic growth in the town centre.

Options Considered

Sale of the asset in its current condition. Retention as a General Fund Commercial Asset and Transfer of Residential Unit to the Housing Revenue Account.