Here's why Northampton's Market Square refurb costs have rocketed from £8.4 million to £12.4 million, according to WNC

Here’s why the cost of Northampton’s Market Square refurbishment has rocketed from £8.4 million to £12.4 million, according to the council.

West Northamptonshire Council (WNC) has published its ‘Northampton Markets Development Plan’ report which is set to go before cabinet on May 7.

The report states that the market redevelopment is now at a cost of £12million. The initial project cost was £8.4 million, which all came from the Government’s Towns Funds. It later jumped up to £10m during the first few months of the build. It is now at £12m, according to the latest report.

Explaining, a WNC spokesman said: “Due to unprecedented inflationary pressures and additional costs, the project will come in close to the £12.4m budget agreed by WNC in 2022 which is made up of £8.4m from Government, £3.5m developer contributions, and £0.5m from WNC.”

WNC’s man in charge of the project, Conservative councillor Daniel Lister added: “It’s vital that we deliver a high-quality project that reflects our aspirations for Northampton town centre.

“Our unwavering commitment to redevelopment in the area is paying off, with investors like leisure operator Stack and housing developers creating high-quality schemes, demonstrating their confidence.

“We have kept the impact on council tax payers to an absolute minimum by making good use of developer contributions and grant funding from Government, and I’m sure when Market Square is complete and in full operation, everyone will agree it’s been money well spent.”

Once complete, the site will include new “high-quality” paving and materials, a “flexible” event space, “bespoke” fixed stalls, more trees, tiered seating and an “interactive water feature”, according to WNC.

Explaining the reason for the first increase from £8.4m to £10m, a WNC spokesman said: “The initial construction cost for the project at £8.4 million was outlined in early 2020. Three years on, construction costs are significantly higher due to inflation and lasting effects of the pandemic. The revised projected cost is £10 million, which is being funded through different funding streams including £8.4m from the Future High Street Fund, Community Infrastructure Levy (CIL) which can only be spent on infrastructure projects, and £500,000 reallocation for other capital works.”

The council continues to say that the Market Square will reopen in ‘late summer’ 2024. The last day of summer is September 22.