A vacant space in a 19th-century indoor market building in Newark is being brought back into use.
Situated behind Newark’s Town Hall, the Grade 1 listed Buttermarket first opened in 1884 as an indoor market.
Newark Buttermarket and Royal Exchange is now owned and managed in partnership by Newark and Sherwood District Council and Newark Town Council, following its return to public ownership in 2019.
Since its purchase, the council has been repairing and renovating the historic building.
The ground floor of the Buttermarket is currently in use and features businesses such as Iguazu, a family-run shop selling fair trade products, an independent footwear retailer called Hobsons, and the Tambo Lounge eatery.
However, the council has found it difficult to find a tenant for the first floor due to what its leader, Cllr Paul Peacock (Lab), says are difficult market conditions.
A tenant has since been found, and the space will be let out to a voluntary organisation, its name to be revealed to the public in due course.
Cllr Peacock said Newark has a higher prevalence of retail units than towns of a similar size, which he says has made it more difficult to find tenants for vacant spaces.
“The Buttermarket is a success story,” he said.
“The council took it over a number of years ago. It has been derelict for a number of years. The owners could not find a commercial operator, and we ended up buying it as a council.
“We have been struggling to get the first floor let out because it is difficult on the high street at the moment.
“My view is some of those organisations would be better situated to be in that part of the town centre. It is a good space, a nice space, and the council is intervening where there is market failure.”
A council-delegated decision document, published on February 19, revealed the authority was seeking approval to bring the upper floor of the Buttermarket into use, reflecting its wider aspirations to revitalise Newark town centre.
The document adds that the decision will help “bring the upper floor of the Buttermarket into use, supporting the council’s town centre strategy and maximise the value of a key property within the council’s portfolio.”
