Preston Market vendors announced today via an Instagram post on the market’s @weareprestonmarket feed that their leases have been extended for another five years, starting January 2024. This means the market should remain open in its current form until at least the end of 2028.

“Preston Market landlords this morning sent confirmation to tenants that our leases will be extended for 5 years, from January 2024. The purpose of the lease extension is to bridge the gap while the future plan for precinct is finalized,” the post caption reads.

The leases have not yet been received by vendors, but market management has committed in writing to finalise new leases in “the coming weeks”.

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A copy of this confirmation was shared with Broadsheet.

“The purpose of the five-year extension is to provide current traders, and the community they service, security while the masterplan for the redevelopment of the Preston Market precinct is developed,” says a graphic posted to the market’s Instagram feed.

“We do not yet know the finer details of the leases themselves, or of the eventual plan for the precinct as a whole. BUT we do now know that there will be a Preston Market for generations to come!” reads another slide.

Redevelopment plans for 5.1 hectares of privately owned land bordered by Murray Road, Cramer Street, High Street and St Georges Road (an area that includes the market) were first announced in May 2021.

The plans, which would have seen the construction of 13 new apartment buildings, retaining the existing fruit and veg shed but relocating everything else to a market area of “about the same size” mainly facing Cramer Street, were met with local opposition and were rejected by the state government in April of this year.

The market is jointly owned by Salta Properties and Medich Corporation. In May, Salta Properties managing director Sam Tarascio said that “if the situation remains any longer, the end of January [2024] is the date at which we may have to close the market”, referring to delays in the development’s planning process.

“We are obviously beyond relieved and excited to receive AND SHARE this news,” the market’s Instagram post added.