May 2, 2018 at 1:09 pm #148465
The Peoples Market had 58 stalls and a lettable floor space of 1272m2 at £114 m2 gives potential revenue return of £145k at 100% occupancy.
Ty Pawb has 20 stalls and a lettable floor space of 560m2 at £120 m2 gives potential revenue return of £67k. At 100% occupancy.
The Arcade shops if all let would bring in revenue of £78k.
The two together bring in at 100% occupancy £145k. This is where the figure the Council quote of Forecast Rental Income of £141k. There are the upstairs studios that could bring in another £16k but it does not look as if this has been included in the £141k.May 2, 2018 at 2:34 pm #148473
The response states that two people have been appointed to the Advisory Board – if this is the case I’m very surprised that the Wrexham Jungle Drums (and Wrexham.com) have not as yet put names into the public arena. Have they had to sign the “Official Secrets Act” not to divulge their identity?
Does anyone know how many units actually exist including the South Arcade? Regarding the Alunh comment about rental income being low- it has been stated on the thread about the reduced rents and phased payments to try and get full occupancy. The FOI response looks accurate to the question but is also very selective in terms of explanation.
There are 13 units in the North and South Arcades.
The original Rent Roll for Ty Pawb in the Fourth Street Report was £194k, this included £32k for Bar/Café that never materialised. This would bring the total to £162k.
There were three Scenarios: Optimistic 93%, Base 87% and Pessimistic 79% now using these figures on the reduced Rent Roll of £162k brings Optimistic Revenue to be £150k, Base £141k and Pessimistic £128k.
The Council quoted £141k as being the Forecast Rental Income which is the Base Scenario.
Given this the rental from the Studios are included in the Council figures. £162k revenue at 100% occupation and £141k after allowing for rent rebates, under occupancy etc.May 2, 2018 at 6:48 pm #148478
I’m a bit confused here Jimbow. You state that the old Peoples Market had 58 stalls which could, if let, produce a potential revenue return of £145k at 100% occupancy. ADDITIONALLY, there were the Arcade shops which, if fully let, would bring in revenue of £78k and that the two together could previously bring in at 100% occupancy £223k. Add the Car Park and the Revenue and there is a quite mouth-watering potential in the previous. It does seem odd that WCBC has placed its bets on such a risky punt and even on their own figures, would I be right in assuming that the old Market was generating more as it was run down?May 2, 2018 at 7:24 pm #148480
Alunh- Yes you are right in thinking that the Arcade Shops and Peoples Market rent could potentially if it was 100% occupancy,realise around £223k.
The Peoples Market in its later years was probably running at an occupancy level around 60%. However, I always had the feeling that rents were being reduced to hopefully fill the space. In the latter years rents were reduced to a ridiculously low level that some tenants on full time agreements only paid a Service Charge. Maybe the Council ran it down knowing they had a better plan for the future.
When you think back that a Service Charge covering all the costs incurred in running the markets was paid by tenants on top of the rent. The Rent money was all for the Councils back pocket, with no re investment over the years.May 2, 2018 at 10:55 pm #148493
I’m a bit confused here Jimbow. You state that the old Peoples Market had 58 stalls which could, if let, produce a potential revenue return of £145k at 100% occupancy. ADDITIONALLY, there were the Arcade shops which, if fully let, would bring in revenue of £78k and that the two together could previously bring in at 100% occupancy £223k. Add the Car Park and the Revenue and there is a quite mouth-watering potential in the previous. It does seem odd that WCBC has placed its bets on such a risky punt and even on their own figures, would I be right in assuming that the old Market was generating more as it was run down?
Alunh–I have just found some figures given out by the Council for the Peoples Market in December 2015, I presume these are for the year 2014/15.
Income from Rents in the Peoples Market are quoted as £63,377, Arcade Shops are quoted as £57,862. This is a total of £121k. They are only achieving £145k from Ty PawbMay 3, 2018 at 12:16 am #148498
First and the last visit today- there were 4 Units in the foodie bit that had shutters down and no sign above so am assuming these are still not allocated and there were 5 with a sign above their door but they were closed with shutters down.
Is Wednesday half/full day closed? At lunchtime midweek I would not have expected to see so many stalls closed.
£2.50 for a smallish cup of coffee in a disposable container – not the most environmentally friendly service at a time when the National Coffee chains are moving away from these containers. As this was a container for a take away drink I would have expected a price less than £2.50.
Most of the handful of people sitting down were working and either had Ty Pawb or Council lanyards. A few public around who appeared to be lost looking around for ‘guidance or inspiration’ then walking out without buying anything.
The place was cold with air con blowing cold air.
Anyone looking for a staff should spend some time just waiting and be talking to people at Ty Pawb- taking on a Unit at the moment with a noin existent footfall can only be described in one way — Commercial Suicide.May 3, 2018 at 1:48 am #148500
I heard they were reforming and playing a special gig in the performance space.May 3, 2018 at 3:30 am #148502
I actually visited Tŷ Pawb the other day for the first time. It was shortly before midday on a weekday so perhaps it would have livened up if I’d waited around in there a little longer. I used the entrance on the same road as Pizza Hut takeaway. I walked to the end of the entrance ‘corridor’ until I could look past what appeared to be some sort of caravan made out of corrugated steel (is this art? or?), noticed there were still workmen doing work, and noticed the Plât Bach stall, which I found particularly underwhelming and bland. I think I had imagined the Welsh tapas bar would have a continental café feel to it, but it just looked so uninspiring and devoid of character. A couple of people were sitting at the picnic tables. I didn’t have to go anywhere in any particular hurry, but I honestly could not muster up any interest in exploring any further. I agree with people who’ve criticised the ‘breeze block’ and metal grill appearance of the place.
I have a couple of positive comments though. It did smell nice inside (I think this was the smell of fresh woodwork from the construction of the interior). I am also pleased that those hideous blue window frames outside have been redecorated black. But I wonder how long before the paint starts peeling back and revealing the blue. I would have thought with the millions spent on the place that they could have got new windows.
Can’t say I’m impressed with the ‘content’ on its website: https://www.typawb.wales/May 3, 2018 at 7:59 am #148504
The reference to a Ty Pawb website previously is a little bizarre as under no circumstances can you call a single page a website https://www.typawb.wales/. Consdering they have had at least 2 years lead in time for this to be ready on launch day there surely must be questions to be asked.
If the traders were expecting publicity for the venue as part of their ‘service charge’ they should demand an immediate venue.
A abuse with this level of investment that does not have a proper internet/social media presence is totally mystifying.
The Council could have run a competition with media students at Coleg Cambria and Glyndwr and had a proper presence on these media platforms very cheaply if it was run as a competition.
As someone mentioned in an earlier thread this place is both a commercial and community disaster. Some of the stall holders must be using personal savings to keep the shutter open and working for next to nothing (if at all)-
Sales of an average of half a dozen cups of coffee an hour (even at £2.50) won’t even generate the minimum wage as most items on the stalls are relatively low value.
The best that the stall holders can do is to collectively inform the Council that there is a collective agreement not to pay any rent until all of the basics are in place- then see what happens.May 3, 2018 at 1:19 pm #148513
[quote. I walked to the end of the entrance ‘corridor’ until I could look past what appeared to be some sort of caravan made out of corrugated steel (is this art? or?), <ahref=”https://www.typawb.wales/” rel=”nofollow”>https://www.typawb.wales/[/quote]
Could it be they are waiting for a fortune teller to take up residence.
Complaint? Please use the report post tools or contact Wrexham.com .
You must be logged in to reply to this topic.