Market Leads & Opportunities
Plans unveiled for £12m market redevelopment
The company behind Cardiff’s Tramshed has received council backing for £12m plans to redevelop Newport Market.Newport council’s cabinet has agreed to grant Loft Co a 250-year development lease, with the authority receiving a 15 per cent share of the rental income following completion.It has also granted a maximum loan facility of up £8.9m at a commercial rate of interest, subject to legal and financial due diligence.Loft Co plans to work in partnership with Welsh company WRW Construction on the project which will be completed in three phases over 18 months.The specialist in small and medium enterprise (SME) incubation and community collaboration wants to create a 24-hour working/living space with a tech hub, apartments and performance space while retaining market units and a food hall.
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