Fate of Wakefield’s £3m market hall to be sealed by councillors

Wakefield Council revealed in February that the owners of the nearby Trinity Walk shopping centre, Sovereign Land, had made an offer to buy the indoor market hall and redevelop it into a cinema and restaurant units.

More than 10,000 people signed a petition opposing the plan, but a report to be considered by the council’s cabinet members on Tuesday recommends pushing ahead.

Plans include relocating outdoor traders to a new market space on Cathedral Precinct and creating a “bespoke indoor market” at The Ridings shopping centre like those found at Sheffield’s Crystal Peaks and Victoria Centre in Nottingham.

The report also reveals that the council only stands to make an estimated £236,000 from the sell-off, after demolition and relocation costs for both the indoor and outdoor markets.

But it says relocation costs for the outdoor market, estimated at £395,000, would be reaped back as the market comes back into profit. Last year the market ran at a loss of £193,000.

Coun Denise Jeffery, the council’s cabinet member for economic growth and skills, said: “When we carried out a trial market on the precinct some traders reported their takings being up by 50 per cent, so we know this site has great potential.

“The proposed redevelopment of the current market site would also bring significant investment into the city, and the research shows that people would be more likely to come into the city centre if a new cinema and restaurants were developed.”

Consultation with traders, the public, and retail bodies has taken place.

The report said that although most traders were initially against the proposal, they see The Ridings as “a realistic and potentially positive alternative.”

But outdoors traders raised concerns about lack of storage at a new precinct market.