The Committee considered a report by the Regeneration Manager (circulated previously) regarding the Pannier Market.

The Regeneration Manager highlighted the following:

·       The Barnstaple Vision and the Future High Street Fund work highlight that our heritage assets were not being used to their full potential and therefore a Cultural Assets Review had been commissioned.

·       The recommendations in the Cultural Assets Report for the Pannier Market and how we sustain its future, formed the basis for the report.

·       The Pannier Market was considered to be the jewel in the crown of Barnstaple high street, but by common consensus the building and the quality of retail offer in the market was looking tired, with a declining financial performance, resulting in a £100,000 pa year on year loss to the Council.

·       The Pannier Market was a fully functioning building and generally in reasonable condition, however some urgent repairs were required.

·       The architects working with the Council on the Future High Street Fund have suggested a number of physical alterations which seek to sustain the building but together it was believed could transform the space as outlined in paragraph 4.6 of the report. 

·       They had also recommended that the Council commission a specialist market consultant to carry out a detailed review of the operational opportunities before any physical interventions were finalised.  The outcome of this specialist market consultant report would be reported back to Members for final agreement.

RESOLVED:

(a) That specialist market consultants be engaged to carry out a detailed review and provide a report on the operational opportunities available for the Pannier Market with the findings to be reported back to members and that Barnstaple Councillors be invited to a briefing during the formulation of the report.

(b) That a revenue budget of £10,000 be approved to be funded from the Economic Development earmarked reserve.