Market Changes Can Help More People Appreciate Peterborough

It looks as though the local market will be on the move in Peterborough, and this will change life for many in the city.

Some of the plans include:

  • Installing bespoke stalls running along the heart of Bridge Street
  • A food court being set up in a retail unit in Bridge Street
  • The market is set to open five days a week, and there will be flexibility for traders who wish to operate on fewer days
  • There is scope to expand the market to include seasonal offerings and pop-up events

The last matter is likely to be of interest, as it will create an opportunity for farmers markets, vegan markets and even specialist markets at certain times of year such as Christmas markets. These are features that have brought success to many town and city centres, and there is no denying that Peterborough has been calling out for something like this.

We help local landlords

At Just Lets Peterborough, we concern ourselves with assisting landlords in and around Peterborough. However, anything which brings benefits to the town centre is good for most people, and it will encourage more people to see what Peterborough has to offer.

With the new market location situated close to Cathedral Square and other ventures lined up for the area, there could be big changes coming soon. A new City Market would be ideal for the community, and it will help some people to view Peterborough in a new light.

Not all traders will move over

One issue of concern is that not all current traders in the market will be provided with the opportunity to trade at the new market site. It is believed that traders who are currently struggling to pay their rent or who have notable rental arrears will not be allocated space in the new market.

From a commercial viewpoint, this makes sense. It is unfair on traders who pay rent on time to allow others who don’t manage this requirement to continue trading. However, these are challenging times, and these decisions might cause additional financial hardship for locals.

Councillor Steve Allen, cabinet member for housing, culture and communities at Peterborough City Council, said: “The City Market plays an important role in the identity of a city and its cultural, community and retail offer enhances the wider city centre. We are keen to breathe new life into the City Market so it becomes a destination for people to visit. By relocating it to Bridge Street and creating a bespoke offering with a variety of stalls, traders will benefit from increased footfall. It is also envisaged that existing shop retailers in Bridge Street will also benefit from the increased customer flow that the market will attract to this location.”

Steve Allen continued by saying; “Sadly, for this new location to work, we need to make sure it will be successful and this is why we are unable to relocate traders who are in rent arrears to the new site. This is in the best interests of those traders who are in debt, as we don’t want them to get into a worse state financially, and the market as a whole as we want the new venture to be a success. It would also be unfair on those traders who do pay rent and taxpayers of the city who are supplementing those in arrears, meaning we have less money to spend on providing other vital services.”

It is likely that a decision on where the market is to be located will be made in November, and it is likely there will be a consultation process before this.

Work on converting the space where the market resides into affordable homes is set to begin in April of next year. The market will continue trading as normal at this point.

Just Lets – Here to Help
If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.

You can find Just Lets Peterborough at 142 Oundle Road, Peterborough, Cambridgeshire, PE2 9PJ. Feel free to email us at peterborough@justlets.com or call us today on 01733 346255.