The final bill for the renovation and transformation of Derby’s Market Hall could be up to £35 million, it has been revealed as the design work for the interior gets underway,
The first phase, costing in the region of £14 million, which involved replacing metalwork and glass work and the roof of the Grade II listed Victorian building is almost complete.
And the second phase work designs for the interior, to transform it into a space for events, food outlets, beverage establishments and creative stands as well as market stalls is well underway.
Next week, a report will be taken to the cabinet meeting, together with a full business plan, asking for approval for a further £10 million to carry out phase two, which is expected to cost in the region of almost £20 million.
Derby City Council already has almost £10 million which was part of a Government Future High Streets grant and now is looking to gain cabinet approval for the extra £10 million to added to its capital budget.
The funding will also cover detailed design work for improvements in Osnabruck Square which is seen as an area for people to gather and socialise and could be used for events.
The latest designs for the Market hall also include full length windows overlooking Osnabruck Square to open up the area inside and outside the building.
Inside the Market Hall, on the ground floor, it is intended to have an area for up to 32 market stalls, which will be able to be portable.
Also there will be a space for in the region of 14 food stalls and a bar.
On the first floor balcony, there will be seating, more bars or eating areas and also a section for start-up creative traders.
Work is also to be carried out looking at what improvements can be made to Lock-Up Yard just outside of the Market Hall leading to Cornmarket.
The idea is that the Market Hall will become a vibrant retail and leisure destination at the heart of the city centre, linking Derbion and St Peter’s Quarter to the Cathedral Quarter and Becketwell, and increasing the diversity of the city centre economy.
Simon Riley, city council strategic director of corporate resources, said that the Market Hall was a crossroads for people accessing all areas of the city.
He said: “It is time for it to be commercially viable in its own right. It is a key destination, right at the centre of the city.
“It won’t just be for shopping in but somewhere people go to relax, look around and be a focus destination.”
Design work is expected to be completed during the summer and the closed venue is expected to open again in 2024 for business.
Mr Riley said that he expected the final bill for the complete project to be between £30 million and £35 million.
He said: “We have built in about £5 million worth of contingency costs because in an old building like this we do not know what we find.
“So we are going to the cabinet for the extra £10 million so that we can bring this grand old lady back into use.”
Work started on renovating the Market Hall in 2019 with a price tag of around £11 in total but a series of complex problems linked to the age of the building have increased the costs.
The cabinet meeting will take place on Wednesday, February 16, from 4pm on can be viewed on the council’s YouTube channel.