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 put 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. Having consulted with the public and seeking agreement with traders on how to proceed with this project, the consultation results can be found in the report below.
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.)
This project will be completed by Winter 2022