Agenda and minutes

Question:

The Market Hall in Brecon is being sold by PCC

What plans are in place for  PCC to consult with tenants, traders and local members to update them on progress with the sale?

What protections can existing tenants and traders expect?

Response by the Portfolio Holder:

Our Portfolio Holder decision published in September 2019 confirmed the recommendation that the Market Hall was to be sold, tenants and traders had been informed of the recommendation.  It was hoped that the sale would be completed in March of this year but a number of factors not least the Covid 19 pandemic has meant that a sale has not yet completed.  I’m sure you will understand that this is not a standard transaction involving multiple tenants, a Charter Market etc.

Tenants and traders were informed of the proposed sale and many took the opportunity to attend a meeting with the proposed purchaser and discuss individually any queries they may have.  I am aware that many traders have also subsequently spoken to the purchaser.  Officers have sought to provide regular updates to tenants and traders but Covid 19 ultimately caused a delay in progressing a sale and the purchaser requested time to consider the impact of this virus.

In light of Covid 19 and its effect on the retail sector and following the purchaser’s own survey of the building a revised offer has been submitted and it is planned to publish a Portfolio Holder report to accept this offer and proceed with a timely sale.  It is hoped that a sale can be completed within a month of this decision.  The property will be sold subject to each individual existing agreement and The Charter.

When a sale date has been agreed we will communicate this to tenants, traders and Local Members.

In this uncertain time it is very encouraging that we have a purchaser with a proven track record prepared to invest in refurbishing and enhancing this important building.