City council seeks options for New Smithfield
MANCHESTER City Council has commissioned property firm DTZ to advise it on options for the future of New Smithfield market in east Manchester.
The council is currently preparing the business case for redeveloping the site and has been working with tenants to draw up proposals. DTZ will advise it on the future prospects for the market; considering trends, drivers and good practice from elsewhere. DTZ is also undertaking an economic impact assessment of various development options once it has consulted with the market’s tenants and customers.
New Smithfield market has not been upgraded since it was first built in the 1970s and many of the units there are now in poor condition, which has led to maintenance costs increasing. The current layout of the market represents an inefficient use of space.
As a result, the council believes there is an opportunity to create a new market on the 14-acre site which can cater for additional businesses but on a smaller site. Around 3.2 hectares of the site could also be sold off or freed up for alternative use.
DTZ’s Market Prospects Research highlighted the challenges that wholesale trade markets have faced in the past 20 years given the growth of supermarkets, rationalisation of supply chains and decline in the independent sector.
Donald Webb, director at DTZ, said: “The future of New Smithfield Market will lie in its ability to grow and diversify its fresh produce offer and develop service quality making it the centre of choice in Greater Manchester for wholesalers and their customers.
Manchester City Council’s Lee Vallender said: “Manchester City Council and New East Manchester are committed to realising the potential of this important asset to the Manchester city region, and recognise the value of the market to the economy.
“Redevelopment of the market will provide additional jobs, encourage business growth and entrepreneurship, and promote health and well-being within the sub-region.”
