Demolition of Northminster car park to cost council £190k a year in lost rent from traders

The demolition of the Northminster car park will cost Peterborough City Council nearly £190,000 a year in lost rent from traders.
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Demolition of the multi-storey began in November after it was declared to have reached ‘the end of its life’, with completion expected after six months.

However, the council’s latest budget proposals, which were released yesterday (Friday), state: “There will no longer be any rental income from the 11 shop units formerly on this site.

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“The income from the market has also reduced as a result of the removal of 10 stalls.”

The Northminster car parkThe Northminster car park
The Northminster car park

This is expected to cost £187,000.

It was revealed earlier this week that the market could be permanently relocated as part of a regeneration of the area.

RELATED: Peterborough City Market could get new home as regeneration of Northminster moves forward

The council is set to transfer the land - including the market, the multi-storey car park and Laxton Square - to the Peterborough Investment Partnership (PIP) which is currently leading the revamp of Fletton Quays on Peterborough’s South Bank

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The PIP will then prepare plans for Northminster, in the city centre, with a view to securing planning permission and attracting outside investment.

It is expected that redevelopment of the area will include apartments, a new car park and a market hall.

However, while works take place existing market traders will be forced to re-locate, and there is no guarantee they will return to their current home, although the council has insisted there will be a permanent market in Peterborough going forward.

Articles relating to the budget will continue to go on the Peterborough Telegraph’s website until Monday morning.


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