Newark’s Market Place to benefit from the government’s Town Fund grant
The ‘crown in Newark’ is set to benefit from an investment of over £3 million as funds were agreed to be reallocated from the multi-million Newark Gateway project.
In 2021, Newark was allocated a £25 million grant from the Government to deliver ten priority projects as part of its investment plan, which required the funding to be committed by March 2026.
The Newark Cultural Heart project originally envisaged a £1.5 million capital Towns Fund grant towards the transformation of Newark Market Place.
The project aimed to allow a space with associated infrastructure including power, seating, and lighting that could accommodate a range of experiences from the markets, including events, al-fresco dining, and areas to relax and play.
Over the last 12 months, the budget has shown to be insufficient and in May this year, the Gateway project was postponed until a viable solution for the relocations of Newark Lorry Park and redevelopment of the Newark Gateway site could be presented to the cabinet.
At a cabinet meeting on Tuesday (September 24), it was recommended that £2,110,000 capital from the Gateway project was relocated to the Newark Heart project.
Paul Taylor said: “I would like to support this proposal, Newark Market Square is the crown in Newark as far as I am concerned.
“But it is feeling very tired, you look at it and other than two days, the market itself is embarrassing.
“We really need to bring that square up to date and make it something that is really attractive for the town.
“It will benefit the whole of the district because by developing that town centre, that square, it is something that attracts people more than two days a week. I think it is going to be very beneficial.”
The Gateway project was originally allocated a total of £2,310,000, with £2,110,000 having been the capital approved and £200,000 revenue.
It was presented to Cabinet on May 14, that it was the intention of the council and Towns Board to reallocate some or all of the Gateway project grant to other Towns Fund projects, either Newark Cultural Heart or Stodman Street Phase II — St Marks.
“There are some really good plans we have seen as a town council and the people of Newark deserve to see that square looked after and brought up to date in a way that is sensitive to the history of this town,” said Paul Taylor.
Emma Oldham said that the sketches she has seen about the future plans for Newark Market Place will make the town more welcoming, family-friendly, wildlife-friendly and green.
She added: “Investing in the heart of our town will have a ripple effect and it is the right thing to do.”
Cabinet members agreed to reallocate capital of £2,110,000 from the original Gateway project and add it to the budget for the Heart project, increasing it to £3,610,000.
In November 2019, Newark was selected as one of the 101 towns that would be eligible to apply for a £25 million Town Fund Grant.
In 2020, Newark and Sherwood District Council submitted a five-year investment plan on behalf of the Newark Town Board that identified 10 priority projects.
The 10 projects were approved in May 2021 and the town benefited from the full £25 million grant offered by the Government.
The programme of projects included the Air and Space Institute, Construction College, YMCA Community Activity Village, Stodman Street Regeneration, Castle Gatehouse, Cycle Town, Newark Gateway (SiSCLog) and Newark Heart project and required the funding to be committed by 31 March 2026.
On September 11 this year, the Town Board met and decided to ask for a project adjustment and request the government for a reprofiling of the funding, which was approved and was only in wait of the Distirct Council’s approval.
Following this week’s meeting, officers will have to present a full business plan for the Newark Cultural Heart until the end of the year, to be approved by councillors.
