Plans finally confirmed for town centre refurbishment
Thursday, 25 September 2008
WORK to revamp Magherafelt's former commercial hub in a £1 million makeover, is set to kick off at the end of the year.
Applications for tender are being invited from contractors to undertake Rainey Street's biggest redevelopment which will see a host of retail and business names regenerate the street's Market Yard, which has lain disused for over 16 years.
The 170 year old historical site is to be refurbished into 20,000 sq foot of retail space and over 4,000 sq foot in office accommodation with the anticipation of some major big-name-brands to regenerate the town.
Dungannon based developer Jermon Limited will be behind the new site, with construction teams expected to move in around December time to begin the million pound rejuvenation. The new retail and business experience is being welcomed around the town from local trades men and councillors alike. Magherafelt SDLP man Jim Campbell says the new development could bring a brand new focus to the town.
He said; "The development of the Market Yard site would be hugely welcomed to the town. It would not only regenerate Rainey Street, but would bring a lot of consumerism and business to present retailers in that area, as well as the newly proposed site. It's about time that something was done, as it sits at the minute the walls of the yard are an eyesore and could very well be dangerous as they have been slowly crumbling for years."
Cllr Campbell added; "I think it's very important that the character of the site is retained and the history of the site isn't lost, and with today's modern techniques I would be very confident that that would happen. The Market Yard was once the focal point of the town, a hub of activity and that is a buzz we would all like to see return."
The new Rainey Street development is being commissioned by the Market Yard Trust, a charitable non-profit organisation which controls the site. The scheme comprises the redevelopment of market yard site, including 3 new retail units and refurbishment of a listed building, providing retail units and office space. The scheme, which is inviting quotes from contractors for completion, includes access roads, sewer systems, infrastructure, enabling works and landscaping.
It has been predicted that developer Jermon Limited will enter into a profit sharing agreement with the Market Yard Trust, which will see the Magherafelt organisation receive an income stream to go towards their charitable work.
The developer will benefit from the rental income generated from the commercial development and hopes to entice some high street names to the location as well as providing space for local retailers and new modern office accommodation.
