Council agrees on a way forward for future of Lancaster Market
On Thursday 24 May Council considered a progress report on the future of Lancaster Indoor Market.
This follows a decision by council in November 2011 that talks should take place to negotiate with the Council’s landlord for the surrender of its lease, and with the traders for vacant possession of the market building by the end of 2012.
Since this decision was taken, negotiations have continued with both Allied, owner of the market building and the Council’s landlord, and market traders.
While further negotiations need to take place with Allied to secure the best possible terms in respect of the market building, the Council recognises that the continued uncertainty on the future of the market has caused great difficulties for traders.
Council therefore agreed that as a next step, traders should be compensated, with a view to them leaving the building over the next few months. It provides traders with certainty over their futures and provides for them to find alternative premises and keep their businesses running.
This decision was taken following valuation, legal and accountancy advice that it was the best way forward to put the Council in the best possible position to safeguard the interests of taxpayers in the long term.
Negotiations with Allied – owner of the market building and the Council’s landlord – will continue.
The outcome of these negotiations will be brought back to Council for further consideration.
Date Published: 28/05/12