In 2013, a plan was announced to transform the derelict Grade II Market Hall building in Devonport. The refurbishment is now one step closer thanks to a funding deal being signed between Plymouth City Council and RIO. Tudor Evans, Plymouth City Council leader and Lindsey Hall, RIO Chief Executive signed the deal on Friday 18th September, this deal will see £2.9 million released to RIO so the work can begin to transform the building.
The building is estimated to cost around £4.5 million to renovate, the plan is to transform the building into a creative digital hub. Market hall was transferred to Plymouth City Council from the Homes and Communitites Agency in 2004, along with this investment PCC has added £400,000. With the Funding Agreement now in place, RIO can now begin the building work and set about sercuring the additional £1.6 million required from social investment to complete the development.
The Market Hall is being seen as the next big milestone in the regeneration of Devonport, the planning application is set to be submitted later this year with work planned to start in early 2016.