£2m funding bid to transform Great Yarmouth’s former Co-op building falls through
- Credit: James Bass
Grand plans to transform Great Yarmouth's old Co-op building into an indoor market for 'pop up' traders have stalled after funding fell through.
Great Yarmouth Borough Council (GYBC) said it is seeking other funding sources for the project to bring the town's largest empty shop back into use after its £2m funding bid was unsuccessful.
The privately-owned former Co-op store in Market Place has been empty since 2010.
GYBC has this afternoon (Thursday) revealed it would not be getting a share of the Big Lottery Fund/Government's £27.8m Coastal Communities Fund in 2013/14.
Council leader Trevor Wainwright, said: 'It is unfortunate because it was a strong bid and ticked all the boxes, but numbers were stacked against us.
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'However, the council remains committed to bringing this building back into use as soon as possible and will continue to work with the Co-op and other partners to identify alternative funding sources.'
Under the £3.5m project, the council hoped to buy the building and refurbish and convert it into 'pop up' trading units, where retail start-up businesses could rent space.
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If the Coastal Communities bid had been successful, the council planned to contribute another £500,000 from funds and borrow the remaining £1m. The council is not able to commit the full £3.5m outright.