An important building in the centre of Penzance is now owned by the community.

Penzance Regeneration Company has now completed the purchase of Market House, which Lloyds Bank is based in part of.

Using funding from Penzance Town Deal, the not-for-profit company has taken ownership of the building as the first step towards redeveloping it.

The group said Lloyds Bank will remain in place whilst Penzance Town Deal funds will be used to redevelop the vacant part of Market House and bring it back to its former glory.

The current vision for this redevelopment includes hosting a food hall with street food kitchens on the ground floor, with the first floor transformed to house a café, bar and events space, whilst the lower ground floor will be a town hub and shared workspace.

The ultimate aim is that the Market House will become a thriving community space, where people can gather to work and socialise.

Susan Stuart, of the Penzance Regeneration Company, said: “This is a wonderful opportunity to bring the empty part of Market House back to life as the focal point for the town centre and an exciting way to showcase and support small local food and drink businesses.

“We’re delighted that Lloyds Bank will remain in place and look forward to working with them to revitalise this iconic building.

“I would also like to thank our advisors JLL and Stephens Scown who worked so hard alongside us to get the purchase over the line.”

The news has been welcomed by Jonathan How, mayor of Penzance and a member of the Penzance Town Deal Board.

He said: “The Market House is such a symbol of Penzance with its dome visible from miles around. I’m so pleased that it’s now finally back in local ownership for the first time in many years.

“Parts of it have fallen into disrepair in recent years and we’re now beginning the long process which will ultimately bring it back into use in a way that the whole community can enjoy."

Penzance Town Deal is being backed by £21.5 million from the Government’s Towns Fund, following the successful submission of the Town Investment Plan to the Department of Levelling Up, House and Communities last year.

Penzance and Newlyn secured £21.5 million for seven projects including:

• Enterprise Grants Scheme

• Penzance Harbour

• Market House

• Waterfront

• Newlyn Harbour Marine Skills and Resource Centre

• Gardeners’ House in Morrab Gardens

• Sustainable Travel Network