Brecon Market Hall will be sold for £75,000 less than expected.
Brecon Market Hall is due to be sold at £75,000 less than the originally agreed asking price.
The Grade II listed building which dates back to the 1840s holds a twice-weekly charter market on Tuesdays and Fridays.
Originally the sale had been agreed by Powys County Council (PCC) in September 2019, but the contracts had not been exchanged.
The revised terms of the deal was agreed in a delegated decision by portfolio holder for education and assets, Cllr Phyl Davies (Blaen Hafren – Conservative) on Monday, August 10.
By agreeing the lesser figure Powys move the asset off their books and won’t need to spend on maintenance and repairs
The terms of the agreement is being kept confidential but a report by PCC says that the Market Hall was valued at £352, 800 in March 2019 and that the District Valuation Services priced it at £200,000.
The offer had been somewhere between these two figures.
Commercial property manager, David Pritchard, said: “In the intervening period the Covid-19 pandemic has had a significant effect on the whole country but particularly in the retail / leisure / commercial sectors.
“This has meant a significant reduction in active traders.
He said that this uncertainty has increased the risk of the sale for the buyer.
The building costs £91,859 to run each year and only makes £76,301 from the market rents.
The maintenance liability in an assessment of the building made in 2017, said that work costing £206,353 was needed to repair and improve it.
The new buyer will need to deal with a leaky roof as a priority.
County Councillors representing the three Brecon wards made a joint statement on the sale.
Cllrs Mathew Dorrance, David Meredith and Elizabeth Rijnenberg (all Labour), said: “We are all pleased to hear that the sale is progressing and are committed to getting a vibrant Market Hall operating in the town which will meet local need and attract visitors.
“Ahead of sale, tenants, traders and stakeholders of Brecon Market Hall wish to meet with PCC and the prospective purchaser to ensure that they are clear and satisfied with the terms and conditions.”
The wanted to see a meeting take place as soon as possible.
