New gym and food court in plans for Black Country market revamp

Oyster Properties, a London-based firm, bought Cradley Heath market, on behalf of a group of investors for a knock down price after it went up for auction in October.

The purchase safeguarded the market's future, which had looked precarious after it had failed to sell when it was listed for £600,000.

Initial plans by the new owners to sell off 24 surrounding shop fronts have not yet finalised, but the new owners claim to be confident about the market's future.

Dean Norton, maintenance manager at the firm, who is originally from Kingswinford, said the company plans to keep the market running as a shopping precinct but wants to breathe new life into it.

Mr Norton said: "We have been put in charge of running the market which has been bought by a group of investors.

"It is a long term investment and these investors are looking to make things in the market better.

"The market will stay as a market, that is what I want to stress, there may be plans to sell off the surrounding shop fronts but the market will remain open."

The property firm will take on the majority of the work and management of the market on behalf of the investors who have established a limited company solely to handle it called Cradley Heath Development Ltd.

Although Oyster were the successful buyers of the market on behalf of the investors, they do not fully own it yet.

Mr Norton said: "We are hoping to fully own the market by the end of this year.

"We really do want to get the market back up to standard and make it a place where people actually want to go and shop.

"I am originally from Kingswinford and I remember visiting the market as a child. It is a very different place now."

Oyster have already met with traders and councillors to lay down their future plans.

Mr Norton said there are plans in the works to create a food court area and the possibility of turning one of the remaining shop fronts into a gym, although nothing is decided yet.

"There are no solid plans in place," Mr Norton said. "We are just looking to do what we can to improve the market. We are open to ideas."

Oyster's owner, Niraj Sharma, said: "We need to get more people into the market, more footfall and more shoppers. We will be looking to run promotional offers to bring people in early next year."

The market was threatened with closure earlier this year although traders maintained it had a bright future.

It went into receivership in March and was taken over by the Lee Baron Group, a London-based property management company.