Newark and Sherwood District Council agree to release up to £145,000 to for feasibility works on potential St Marks shopping centre redevelopment as part of Newark town masterplan
A council has agreed to spend up to £145,000 to investigate plans for a major town centre redevelopment.
At a cabinet meeting on Tuesday, Newark and Sherwood District Council agreed to the funding of the feasibility study for St Marks Place in Newark.
The potential redevelopment of the shopping centre, which makes up one third of the retail space in the town centre, was discussed after it was previously identified as a prime target for investment, although much of the details remain exempt from the public.
As part of this, the council was asked to approve a revenue budget of up to £145,000 from the Change Management Reserve to progress to the next stage of feasibility works. This will pay for due diligence work, including detailed building surveys, a red book valuation, legal checks, commercial agent support, and the commissioning of architects.
The council says it is working with the landowners and that the release of these funds is needed to get more information about the overall cost of investment and redevelopment.
The move is part of a wider town masterplan submitted by the council to government, showing significant investment in the town centre, from the improvement of physical spaces, to operational management.
At present, the vast majority of units in the town centre are owned privately, however where the council do own property occupancy rates have been high and buildings have seen investment such as the transformation of the Buttermarket, which attracted tenants such as Tambo Lounge, Iguazu, Specsavers and Inspire.
Elsewhere, work on the former M&S building on Stodman Street, led by the district council, is continuing to progress in a project aimed at breathing new life into the town centre, with development into town centre flats and retail units.
The council’s cabinet member for sustainable economic development, Matthew Spoors, said: “While we can’t guarantee any end result in relation to St Marks, this feasibility and due diligence work would be the first step for anyone wishing to explore the best options for this space in the town centre.
“It wouldn’t be sensible to not join the dots and think that potentially there is an opportunity, in the future.
“There is a long way to go but I know that Newark and Sherwood District Council is committed to doing all we can to help and improve our high streets.
“We also want to reassure existing tenants that this is not about them leaving but working with the council should we be able to intervene.”
Last year, Newark was named as one of 55 towns nationally to benefit from a new round of government funding and will receive £20m over a ten-year period.
This will be £2m a year, and although funds cannot be brought forward, they can be pooled, meaning £2m could be held back to create an available pot of £4m the following year.
The Town Board will need to submit proposals for how they intend to spend this money and within this it will be necessary to identify and appraise priority projects including community involvement and engagement, the benefits they will deliver, and what value for money they will offer.
If the council were to go ahead with the St Marks project, two grant funding pots are potentially available.
The first is through long-term town funding, subject to approval from cabinet and the Town Board.
The second will be the potential repurposing of some or all of the remaining first Towns Fund Grant, which will be dependent on a future decision over the Newark Gateway project.
The government have informally confirmed that this approach would be acceptable if the council and Town Board agree.
The final masterplan, with details of the St Marks project, is expected to be presented to cabinet for endorsement prior to the council’s summer break, in time for the submission deadline of August 1.
