A £5m refurbishment of a Nottingham market has been declared a waste of money by residents.

Sneinton Market has undergone a drastic revamp thanks to funding from Nottingham City Council and the European Regional Development Fund (ERDF), but only 12 of the 43 available units have been leased so far.

Residents are now branding the project a failure.

Tony Brack, 59, thinks the new market is disappointing and impractical because the units are not licenced for retail.

The owner of the One BC clothes shop on Sneinton Market Square said: “Years ago it was a thriving area with a bustling market but now you can’t even buy goods from the stores.

“The students used to wake up at 7am on a Saturday to get down to Snienton because it was such a vibrant area, but you don’t get that feeling anymore.”

Nottingham bag designer Paul Dyce would consider taking on a unit if the development had more amenities.

The 37-year-old said: “It is not proper ready for shop owners to move in and it is a shame they don’t have heating, restaurants and bathroom facilities for the public.”

However the newly refurbished market is still in its early days and there are people who have high hopes for its future success.

Anthony Newbold is one of the first creative business owners to move in to the market.

The 21-year-old who is the head of production at Art-of-Football said: “Now it is starting to pick up pace and there are a lot more leases going out.

“It was definitely worth the money. Just aesthetically the whole thing looks so much better than it did before – it really spices up this area. I think they have done a brilliant job.”