Talks start to end lease on market

NEGOTIATIONS between Lancaster City Council and the owners of Lancaster Market will “open immediately” with the council expecting to pay out millions to surrender its 99 year lease of the building.

A spokeswoman for the city council said it was too early to speculate what the outcome of the negotiations with Allied (Lancaster) Ltd would be, but that the cost could be “considerable” in the medium term.

The council could not say how it would be funded, but did say that the decision would save £40m of taxpayers money in the long term.

See the Lancaster Guardian (01-12-11) for full story.