Plans to transform Bury Market set to take a step forward

In late 2021 the government signed off £20m of levelling up money for a proposed new flexihall and market canopy.

And last month it emerged the council was given approval for the removal of market canopies ahead of the works.

The buildings which were given permission to be demolished are the market offices, a single building with three retail units on Princess Parade and a building next to that containing restaurant space and the former Admiral gambling unit.

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The council is now seeking to acquire a property at the site, which sits within the proposals for the flexihall.

The cabinet has already approved the acquisition of four properties at the site.

Negotiations have been underway to make progress through a lease surrender value move- when the tenant's interest is transferred back to the landlord and both parties accept it will be extinguished.

Bury Market (Image: Newsquest)

A report prepared ahead of the cabinet meeting on Wednesday, April 19 said: "Work has continued at pace towards delivering this project.

"To proceed with the scheme several property acquisitions are required to facilitate the construction works.

"These properties have been identified as critical to the delivery of the redevelopment plans for the market and the surrounding area.

"The property, described within this report, sits within the proposed footprint of the new flexihall building.

"Vacant possession of the property is therefore critical for the delivery of the project.

"External advice has been sought by independent chartered surveyors, Nolan Redshaw, who have provided advice on the lease surrender value and has undertaken negotiations on behalf of the council.

"The values arising from the negotiations are subject to member approval."

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The report recommends the cabinet to approve the payment of a surrender premium to extinguish the lease in place at the site on Princess Parade, taking into consideration the costs.

Agreeing to the recommendations would "facilitate completion of land assembly required to deliver the Bury Market and Flexihall project in accordance with the Levelling Up Fund bid submission and subsequent notification of a successful bid", the report argues.

Other options have been discussed including using compulsory purchase powers, which would mean the local authority acquires the land without the consent of the landowner.

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But this process could take in the region of 18 to 24 months to be concluded.

The drawn out procedure would put the plans at risk as the requirements of the Levelling Up Fund bid stated that all funds would need to be provided by early 2025.