A proposal will be discussed by the Council’s Cabinet in January which aims to deliver a viable future for the historic Coal Exchange building, ensuring that the important Grade II* listed elements are retained and restored.
The Council will seek permission to work with the current owners of the building, Macob Exchange Ltd and their funding partner Julian Hodge Bank, to work up a scheme that will provide a commercial basis for redevelopment and restoration.
It is being proposed that the Council enters into a legally binding agreement (MOU) with Macob Exchange Ltd and Julian Hodge Bank to provide a framework for a joined-up approach to saving the building. It is anticipated that the previous idea to convert parts of the building for residential use will be resurrected and a business plan will also be developed to retain parts of the building for public use including a potential Business Centre.
Over recent months the Council has undertaken a range of works to protect public safety following concerns raised about the structural integrity of the building. Under the proposed agreement the costs incurred by the Council will be fully reimbursed if the development is successful and the Council will also take ownership of the areas of the building to be retained for public use.
Cabinet Member for Finance and Economic Development, Cllr Russell Goodway, said, “The historical significance of this building is indisputable. Built between 1886 and 1895, it was the centre of the international coal trade. Since the demise of the coal industry in the 60s, the building has fallen into a state of disrepair and it was necessary for the Council to intervene to ensure the structure was safe for residents, businesses and the public.
“The previous attempt by the owner to regenerate the building were hit by the property crash but we are now hopeful that a scheme can be delivered that will save this historical landmark and recover the costs incurred to date by the Council, without the need for any further financial investment by the Council.”
