The Friends of Hatherleigh Market are delighted to announce that there has been significant progress with negotiating a long lease to secure the future of Hatherleigh Market for the town and surrounding areas, for years to come.
Hatherleigh Community Market Ltd (the community benefit society) and Kingswood Homes have agreed terms and are close to finalising a 25 year renewable lease for the new market. In addition they have agreed a specification and costs for the enhancements necessary to make it suitable for all year-round trading, alongside competitive financing options to fund these enhancements.
The terms of the lease will include a substantial rent discount for the first 10 years, which will help support the market as it grows and develops in its new home. This approach will help deliver an affordable way forward, setting the market up for a sustainable future.
Statutory provisions mean that, at the end of the lease, we have the right to renew the lease on the same basis, meaning we can effectively continue to secure the use of the site for the market for as long as the community wants it.
Recognising the need to keep the borrowing costs for the building enhancements to a minimum, Hatherleigh Moor Management Committee, West Devon Borough Council and Hatherleigh Town Council have generously offered financial support for the scheme, in solidarity with the community.
We will seek additional grants and donations from wherever possible and will continue with the proposed share issue in the Community Benefit Society – which is where you can help!
We are working hard with Kingswood Homes to finalise arrangements and get the new site ready for the community market to start trading in its new home this summer.