Newark and Sherwood District Council cabinet approve £100k additional investment to move £3.6m market place investment forward

Councillors have agreed to commit £100k to get preparatory work for a major town centre project over the line, so £3.6m in funding can be released.

The extra funding is required for Newark and Sherwood District Council to complete a full business case for the redevelopment of Newark’s market place, to allow Towns Fund money allocated to the project to be released for use.

The £3.6m includes £1.5m of capital investment originally allocated the the market as part of the Newark Heart project, as well as £2.1m re-allocated from the unviable Newark Gateway project.

Officers assured cabinet members at a meeting on Tuesday, February 18, that an additional £100,000 should be enough to reach the full business case, which is reliant on some “additional design work” to be completed.

The project, aims to support increased footfall, dwell time and an enhanced public space, with previous design ideas floated between the district council and leaseholder and market operator Newark Town Council including water features, public art, cycle parking, improved lighting, and new surfacing.

It is part of the wider Newark Heart Project, which has seen a variety of events and installations take place in the town centre.

Council documents confirmed the authority has commissioned, with the support of the town council, some design work to identify “available and affordable options” for the market place improvement project.

In a statement after the meeting, Claire Penny, portfolio holder of sustainable economic development, said: “Newark is a unique town that has plenty of potential and the Market Place is like no other across the UK. It is the heart of the town and community. There is a great opportunity for us to create a Market Place that is a vibrant, flexible space and brings more visitors to the town centre.

“The approval of the additional budget will allow for continued progress on feasibility and design work to make improvements to Newark Market Place. Working together with Newark Town Council, the next stage of work aims to create available and affordable design options.

“Through the Newark Town Centre Masterplan project, we consulted residents, retailers, businesses and visitors on what they would like to see in the town centre and Market Place. The findings gathered from this will help inform this next stage of work and brings both Councils one step closer to bringing that to reality.”