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Friday, 16 April 2021

Buttermarket to secure new tenants ahead of £25m investment in Newark town centre


Business ventures searching for new premises can now lease the upper floor of Newark’s Buttermarket, as part of a wider ambitious plan to regenerate the town centre.


Newark and Sherwood District Council is seeking potential tenants via its agent, Banks Long and Co, for its Buttermarket in the heart of the town centre.

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In the last year, the District Council has undertaken extensive maintenance work to the building’s upper floor including a strip out, restoration and renovation of the structure to create a blank canvass for a new tenant to refine.

Nearly 600 square metres of space is available for a flexible range of uses – from hospitality to retail, to education or community uses – and new tenants will have direct input in shaping and influencing its refurbishment.

The Buttermarket came back into public ownership in January 2019 following joint purchases by Newark and Sherwood District Council and Newark Town Council, both of which shared the mutual ambition of bringing the buildings back into productive use.

All original tenants have been retained throughout the process and successful strides have been made in securing new tenants in 2020 despite a year of government restrictions.

March 2020 saw the opening of popular restaurant and bar chain, Tambo Lounge, while fair trade shop Iguazu opened its doors in September.

Most recently, national optician chain, Specsavers, joined the Buttermarket’s cohort of tenants in the heart of the town, making the move from the Morrisons store.

Last month, £25 million of Government funding was awarded to Newark to support long-term projects that will create new educational pathways, attract new and better skilled jobs and industries, and provide greater footfall into the town.

Some projects have already benefitted from a £750,000 Accelerated Towns Fund grant, including the Newark College expansion which will increase town centre footfall.

This funding has also helped develop the proposals for 32 Stodman Street (former Marks and Spencer) in Newark town centre where, following public consultation last year, transformational final plans are set to be unveiled shortly.

Councillor David Lloyd, Leader of Newark and Sherwood District Council, said: “We have tremendously ambitious plans for Newark and in the last few weeks, have seen a number of hugely positive steps making Newark the place to live, work and do business.

“I’m delighted that Newark’s Towns Fund Board has just received the go-ahead from Government for £25 million worth of investment which will be just one part of our plans to aiding the post-Covid economic recovery. Newark’s brand new Travelodge will be opening its doors in a matter of weeks, and overtime, the new hotel will be key to driving town centre footfall, encouraging further use of our amenities.

“I’m excited for Newark’s future and I’m looking forward to seeing the Buttermarket, which has already been a great success, expand to those upper floors.”

Lewis Cove, Associate Director at property consultants Banks Long & Co, said, “We are delighted to be working with Newark and Sherwood District Council to market this unique property in such a fantastic location. Interest has been high so far, so I advise anyone one interested in viewing the space to make contact.”

Visit Banks Long and Co website for leasing information for the Buttermarket: https://bankslong.com/properties/flexible-first-floor-accommodation