November 2022: Penzance Town Deal are delighted to announce that the iconic Market House 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 exciting news is the first step towards redeveloping one of the town’s most iconic and recognizable 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.”
Cllr Jonathan How, Mayor of Penzance, and a member of the Penzance Town Deal Board said: “The Market House is such a symbol of Penzance with its dome visible from miles around. I’m so pleased that it’s now finally back in local ownership for the first time in many years. Parts of it have fallen into disrepair in recent years and we’re now beginning the long process which will ultimately bring it back into use in a way that the whole community can enjoy.”
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
Following on from the recent Penzance EXPO event, which gave the wider community an opportunity to learn more about the ambitious investment plans for Penzance, the purchase of the Market House is the first step in delivering long-term improvements for the community of Penzance.
Louis Gardner, Cornwall Council cabinet member for economy, said: “This is excellent news for Penzance and a great example of what the Town Deal funding is seeking to achieve across our towns. The Market House project will be key in adding vitality into the heart of Penzance. The acquisition of this building has been enabled thanks to the strong determination and hard work of the Penzance Town Deal Board and the desire to see this iconic asset refurbished for the benefit of the wider community. I am looking forward to seeing the project further develop in the coming months and the future businesses it will host.”