Plans to develop a community space at 14 Market Place in Newark have been abandoned in favor of leasing the property as a commercial unit. The decision was made following a recommendation from the Newark and Sherwood District Council, which had initially intended to convert the ground floor into a community hub while creating a residential apartment above.
In December 2024, the council allocated a budget of £373,000 for the redevelopment. The vision included a community space on the ground floor and a long-lease residential unit on the upper level. However, by May 2025, both Lincoln College and CVS, the partners identified for the community space, opted out, citing insufficient space to accommodate their plans.
The council made efforts to repurpose the building by reaching out to local businesses and community organizations, even presenting the project to the Newark Towns Fund Board. Despite these initiatives, no suitable tenant emerged willing to manage the space as a community hub.
With the absence of a viable community project, the council has pivoted towards utilizing the ground floor and basement as a commercial unit. This new approach is projected to generate approximately £8,000 in annual rental income, surpassing the earlier estimate of £6,000. The decision was discussed and agreed upon by cabinet members during a meeting on December 9, 2025, where they emphasized the importance of maximizing the value of this key property.
Council leader Paul Peacock acknowledged the challenges faced in finding a suitable use for the space. He stated, “This has been a difficult issue… but it’s clear that there’s a need for a community space in that area of the market place.” Peacock expressed hope that future efforts could address this need while affirming the current decision to convert 14 Market Place into a commercial unit.
The plans for the upper floors of the building remain unchanged, allowing the council to retain the residential aspect of the property while adapting to market demands. The shift to a commercial lease not only aims to enhance the financial viability of the property but also aligns with the council’s broader strategy for revitalizing the town centre.
