The iconic Market House in Penzance is now under new community led ownership thanks to funding from the Town Deal.
The Penzance Regeneration Company, a not-for-profit company, which has been established by local Penzance stakeholders has now completed the purchase.
This news is the first step towards redeveloping one of the town’s most iconic and recognisable buildings in the heart of Penzance. Lloyds Bank will remain in place whilst Penzance Town Deal funds will be used to redevelop the vacant part of Market House and bring it back to its former glory.
The current vision for this redevelopment includes hosting a food hall with street food kitchens on the ground floor, with the first floor transformed to house a café, bar and events space, whilst the lower ground floor will be a town hub and shared workspace. The aspiration is that the Market House will become a thriving community space, a place to gather, work, socialize and enjoy, ensuring it is part of this vibrant town for many years to come.
Susan Stuart of The Penzance Regeneration Company said “This is a wonderful opportunity to bring the empty part of Market House back to life as the focal point for the town centre and an exciting way to showcase and support small local food and drink businesses.
“We’re delighted that Lloyds Bank will remain in place and look forward to working with them to revitalize this iconic building. I would also like to thank our advisors JLL and Stephens Scown who worked so hard alongside us to get the purchase over the line.”
Penzance Town Deal is being backed by £21.5 million from the Government’s Towns Fund, following the successful submission of the Town Investment Plan (TIP) to the Department of Levelling Up, House and Communities (DLUHC) last year.
The projects included in the TIP respond to the three priorities set by the Government’s Town Fund and aim to deliver long-term economic development opportunity for the town. The projects seek to bring existing assets back into community use, improve connectivity, support local skills and business, while working with the local community to deliver spaces and resources that they want and need. Penzance and Newlyn secured £21.5 million for seven projects including:
- Enterprise Grants Scheme
- Penzance Harbour
- Market House
- Newlyn Harbour Marine Skills and Resource Centre
- Gardeners’ House in Morrab Gardens
- Sustainable Travel Network