Performance, Assets and Strategy Overview and Scrutiny Committee -

The Cambridge City Council Performance, Assets and Strategy Overview and Scrutiny Committee reviewed the Civic Quarter project on 4 November 2026 (the chair referred to the meeting as 3 November). The proposals cover Market Square and its public realm, the Corn Exchange, and the Guildhall. The full value-engineered scheme has a capital budget of £95.7 million and is forecast to have a £8.5 million net cost to the General Fund over 30 years. Alternatives include doing the Market Square and Corn Exchange while deferring Guildhall works (£53.8 million capital; forecast £5.5 million positive over 30 years), or disposing of the Guildhall (£53.4 million capital; forecast £20 million positive). A version of the full scheme that rents all Guildhall office space commercially is forecast at £0.4 million positive over 30 years, but carries greater letting risk. The full scheme depends in part on allocating 50% of additional Park Street income to support the projects for the first 15 years. Members highlighted borrowing, construction, leasing and projected venue-income risks; officers said the Guildhall retrofit’s minimum necessary works would still entail substantial costs. The committee generally supported the full scheme as a viable option (six votes to two), rejected disposal (seven to one), and expressed no support for deferring the Guildhall decision, while views on the commercial-letting option were mixed. These were scrutiny views for Cabinet, not approval of the projects or a contract award.

Members agreed that the Market Square needs investment for accessibility, safety, maintenance and a stronger public realm, while noting that it is not intended to generate a financial return. They supported the proposed trader support package by six votes to two and asked that engagement continue. For the Corn Exchange, members considered urgent roof repairs, accessibility, ventilation and acoustics alongside a business plan relying on more performances and higher commercial income; they stressed protecting staff and keeping a range of ticket prices accessible. On the Guildhall, the discussion covered its deteriorating condition, retrofit standards and the trade-offs around EnerPHit and the proposed fourth-floor extension. Members also supported allocating Park Street income as proposed, establishing a contingency reserve, and introducing bespoke, frequent capital monitoring. No procurement award, supplier selection or tender approval was recorded.