Wrexham Markets Scrutiny Committee on Weds + Council Report
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@wxm 4151 wrote:
It wouldn’t cost anything. A mutual of stall holders rents it. And then uses the surplus (currently a couple of hundred thousand a year) to reinvest in the success of the markets. As it grows, the businesses get more to reinvest, the success drives more business, and the ratepayers get rates from 100% occupancy, we get the goods we need at the prices we like to pay, and our friends and neighbours get employed.
Great idea. The fun bit will be getting any 2 traders to work with each other
wxm;4151 wrote:It wouldn’t cost anything. A mutual of stall holders rents it. And then uses the surplus (currently a couple of hundred thousand a year) to reinvest in the success of the markets. As it grows, the businesses get more to reinvest, the success drives more business, and the ratepayers get rates from 100% occupancy, we get the goods we need at the prices we like to pay, and our friends and neighbours get employed.so where is that surplus going now??
The way the Markets work are each stallholder pays a rent and on top a Service Charge.The Service Charge is all that the Council spend on running the Markets i.e. Staffing,repairs and maintenance,gas electric,security,that sum is then divided by area of stall, over area of market, to each individual stallholder.The Council pay the cost of the empty stalls.The return from all three markets at the present occupancy level of 70% would I estimate,bring a return to the Council of around £160,000 per year profit.The Monday outside market brings in a return of around £12,000 per year.The indoor markets rents less what the Council have to outlay to cover unlet stalls is all surplus for Council coffers.
…..following on from Jim, I have made 2 suggestions to the Council
i. That the Council, recognising that they trade in surplus in the Market, reduce the Rents overall in the Market. If they fail to do this, they are in danger of having to trade in deficit because the number of stalls let will be such that the net rent will be less than trading with lower rents.
ii. Whether they do or don’t reduce rents overall, they should certainly look at selective reductions (or even better, selective reductions as well as overall reductions). A good Market requires a range of stalls that we can all identify with. Some stalls (that are more footflow sensitive than others) have to have a Rental structure that is different to those which are not.
How much rent is paid by a stall holder on the outdoor Monday market? Rents for empty indoor market stalls are published but I have never seen any figures for the outdoor market. There must be vacancies as the number of stalls seem less and less.
@wrexview 4196 wrote:
How much rent is paid by a stall holder on the outdoor Monday market? Rents for empty indoor market stalls are published but I have never seen any figures for the outdoor market. There must be vacancies as the number of stalls seem less and less.
I think the rent for an outside stall is in the region of about £20.
@wrexview 4196 wrote:
How much rent is paid by a stall holder on the outdoor Monday market? Rents for empty indoor market stalls are published but I have never seen any figures for the outdoor market. There must be vacancies as the number of stalls seem less and less.
You might correct me here (?), but I don’t think that Rents are actually published for the Indoor markets unless you exercise a freedom of information request. What you see are asking rents and these don’t resemble rents paid at all. There are ‘historic’ rents paid, stepped rents, day rents, haggled rents, short term rents, multi unit rents, etc. What is lacking is a consistent logic and a strategic policy.
I was referring to the published rents advertised by the council for the vacant units at present in the various markets. Some are stalls some are shops.
@wrexview 4211 wrote:
I was referring to the published rents advertised by the council for the vacant units at present in the various markets. Some are stalls some are shops.
You are correct. The published asking rents are, however, not the rents. Believe me
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