This consultation closed on 05 June 2022
Nottingham City Council has put forward a proposal to review its operation of Victoria Market to save estimated running costs amounting to £39m over the remaining 50 years of the current agreement.
The future of Victoria Indoor Market
Nottingham City Council is putting forward a proposal to review its operation of the Victoria Market. Currently, the indoor market receives a considerable subsidy per annum. This could save the council estimated running costs amounting to £39m over the remaining 50 years of the current lease agreement. Any proposals on the market would have to be agreed with the owners of the Victoria Centre. We are now consulting with the public and seeking agreement with traders on how to proceed.
What options have been considered?
A range of alternative options for the future of the market include:
- Continuing with the current arrangement and paying the subsidy. (The Council's position is that the council currently does not have the financial resources to continue with this option)
- Investing in the market infrastructure and requiring traders to pay full rent. (The Council's position is that this would also require a significant investment from the Council to make the market viable for the long term which the Council does not currently have the capital resources to deliver)
- Another entity operating the market. (The Council's position is that this option is difficult to deliver as the lease is legally and financially onerous and it is unlikely to be taken on by a third party)
- An indoor market being established at an alternative location operated by the City Council. (The Council's position is that some work has been done to understand if this is deliverable, currently there are no suitable buildings identified and would require a significant new funding strategy.)
How can I ask questions or feed back on the proposal?
- Before any final decision is made, the council is consulting all stakeholders, customers and the wider public for their views on the proposal, how it impacts them
- Any representations received as part of the consultation will be reported on and given consideration by the council in coming to a final decision
Other ways to get information...
- Visit the display in the market
- Visit the market and speak to somebody about the proposals
These times will be publicised in advance on our website and on social media
Other ways to have your say...
- Complete a paper survey and put it in the box at Victoria Market
- Visit the market and get assistance to complete the survey or to have your view recorded by an officer - These times will be publicised in advance on our website and on social media
The consultation is open for six weeks. We need your feedback by: Sunday 5 June
We will communicate the results and a decision by the end of June
This project will be completed by Winter 2022