05 Jul Future plans for Market Walk to undergo multi-million regeneration to be set out at cabinet
Leisure developer, STACK is set to bring their first facility in the midlands to Northampton Town Centre as they work to acquire the Market Walk site.
At the Cabinet meeting of West Northamptonshire Council (WNC) on 11 July, Councillors will receive an update on the plans to redevelopment Market Walk as it is set to host an innovative food hall and leisure space.
During the meeting, Cabinet will receive further information on the approval of the Towns Fund business case in order to secure the development scheme.
Market Walk, previously known as Peacock Place, boasts a prominent spot at the heart of Northampton Town Centre adjacent to the historic Market Square, but has stood empty for many years.
The council will provide up to £4.2 million investment through the Towns Fund, coupled with private investment of £8 million from STACK, which will allow the space to be transformed into a new leisure, entertainment, and social community hub.
The Towns Fund is part of the Government’s plan for Levelling Up the UK economy and West Northamptonshire Council (WNC) has secured £24.9 million to invest into transforming Northampton’s Town Centre. As part of the Grant Funding Agreement, the Towns Fund money must be spent by spring 2025, otherwise funds could be withdrawn.
The repurposing of the shopping centre will enhance the town’s vibrancy and vitality, supporting both the daytime and night-time economy and complementing the adjacent ongoing transformation of the historic Market Square and public realm of Abington Street and Fish Street.
Once complete, the space will host a series of independent street food traders, all with their own unique offer and feel, a variety of bars and a dedicated space for interactive games, all focussed around communal seating and a main stage for live music performances and entertainment – offering something for all the family.
Cllr Dan Lister, Cabinet Member for Economic Development, Town Centre Regeneration and Growth at West Northamptonshire Council, said: “Market Walk will undergo significant redevelopment and once open, will boast the first offering of its kind in the Midlands.
“STACK offer a unique social and leisure space under one roof, which provides something for all of the family. On completion of the acquisition, the developers will take the first steps to seek the relevant planning and licensing permissions to bring this project forward for delivery.
“By seeking opportunities to work with private investors to bring forward developments across West Northamptonshire, we can enhance our towns and accelerate the delivery of our ambitious regeneration programme.”
This type of leisure concept is already successful in other cities. STACK sites in Newcastle and Sunderland have both been unbelievably successful in attracting visitors and generating footfall to underutilised sites. STACK Newcastle welcomed over 3 million visitors in the first three years and STACK Seaburn attracts over 70,000 visitors per month.
Due to its success STACK is on its way to becoming a nationally recognised brand, with a number of new permanent sites due to open over the next two years, including the return of the Flagship Newcastle Site, STACK Lincoln, STACK Durham and STACK Carlisle to name a few, with venues also in the pipeline for key cities across the UK.
Neill Winch, CEO of STACK, added: “We are thrilled to announce our plans to bring STACK to Northampton and support the council’s vision to reinvigorate Market Walk. With its prime location in the heart of the town centre, STACK presents an excellent opportunity to create a dynamic and convenient destination for visitors and shoppers alike.
“The ongoing investment in Northampton’s Market Square to revitalise the town centre aligns perfectly with our vision. By introducing STACK during this pivotal moment, we aim to contribute to the town’s revival and enhance its appeal as a thriving hub of entertainment and leisure.
“The proven success of our mixed-use development model in other cities has been nothing short of remarkable. STACK has captivated visitors and generated substantial footfall. We believe this winning formula will resonate with the people of Northampton and offer them an unparalleled experience.”
To keep up to date with regeneration in Northampton and across West Northamptonshire visit www.wearenorthampton.com