Councillors extend the current running of the Victorian Market food hall to review its commercial development
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Councillors have agreed to extend the current management structure and running of the Victorian Market food hall after it was revealed the £1.9 million project needed “special measures” to make it successful after running into a “perfect storm.”
A report to the Inverness committee yesterday found that the food hall ran into trouble due to Covid and the cost crisis leaving just eight of its 15 units rented out.
The move to extend the management as it stands is to enable a review to be undertaken to establish future management and commercial development requirements and make continued improvements to access, opening hours and shop fronts and to enhance the physical appearance of the market.
Supporting the project has been the work of the Victorian Market Management to create dedicated events, branding and promotions, with a new website and social media channels developed.
That is a response to what officials said was “a perfect storm requiring special measures to be taken to ensure the success of the market” adding that “these measures have understandably impacted initial income projections.”
The lack of new tenants remains a worry for the council as it is now offering leases on favourable terms to encourage more businesses to consider moving in.
City manager David Haas said in the report: “To encourage tenants to sign up to a new five-year lease, a one year rent-free period and a 50 per cent reduction on service charge is being offered.
“This is in line with market conditions and common practice for commercial developments. Not only will this encourage tenants to commit to the market, but the aim is to keep it competitive with other opportunities.”
But Inverness leader, Councillor Ian Brown, is optimistic: “This report is great news for Inverness city centre and for locals and visitors to the city. I am delighted that almost half of the new units have been let in the food hall with a further unit under offer. A unit is also available on a week-to-week basis for food businesses that wish to trial the market or are not in a position to commit to a formal lease.”
