City council backs scheme to rejuvenate old indoor market
APROPOSED redevelopment project to regenerate Newport’s market has been given backing by the council.
The £12m project would see the historic market building transformed into a 24-hour working and living space.
Loft Co, the company behind the proposed scheme, said the space would include a “tech hub”, apartments and performance space while still retaining the market units and a food hall.
Managing director of Loft Co Simon Baston was behind successful redevelopment projects including Cardiff ’s Tramshed, Barry’s Pumphouse, and Porthcawl’s Jennings Building.
It comes after news that Newport City Council has been awarded £1.1m by the Heritage Lottery Fund for an extensive restoration of nearby Market Arcade.
Newport City Council’s cabinet gave in-principle backing to the proposal at a meeting on Wednesday evening.
Cabinet members agreed to grant Mr Baston’s company a 250-year development lease with the council receiving a 15% share of the rental income following completion and a maximum loan facility of up to £8.9m at a commercial rate of interest.
The project is still in its early stages and will be subject to the planning application process.
A council spokeswoman said if the scheme goes ahead building work would be phased so businesses in the market can continue to operate during construction.
Managing director of Loft Co Simon Baston said: “Loft Co specialises in the refurbishment of complex mixed-use schemes and, in particular, on a community collaborative level in the build-up of small to medium enterprise and incubationstyle units.
“Loft Co has a strong basis of delivering community-led schemes in highly regenerative-type areas and will have a full commitment to ensuring complete engagement with all members and users of the market.
“We are delighted to have been chosen to work in partnership with Newport City Council on this absolutely iconic building and a template for what can be achieved in the 21 st century in terms of full mixed-use living. Loft Co sees Newport Market as a perfect template for a sustainable live/work basis.”
Leader of Newport City Council Debbie Wilcox said: “We have been approached by someone who has seen the potential of Newport Market.
“As well as potentially rescuing the market from further decline, the proposals also fit in with the council’s ambition to have a more vibrant offer in the city centre.
“We are very excited about this as we see it as protection for, and enhancement of, an historic landmark and, just as importantly, a more secure future for the market.”