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.

One BC shop owner Tony Brack thinks that the refurbishment has not lived up to its promise.

The 59-year-old who works across the road from the development said: “Years ago it was a thriving area with a bustling market which would even get the students out of bed at 7am on a Saturday.

VIDEO: The CBJ Star asks Notts residents and shop owners what they think about Sneinton Market:

“But now, due to EU rules, the vendors are not even allowed to have their own tills or take payments directly from customers and I think this will put a lot of people off.”

Bag designer Paul Dyce said he would consider taking on a unit if the development had more amenities.

The 37-year-old added: “It is not properly 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 market is newly refurbished and there are a number of people who have high hopes for its future success.

Anthony Newbold, 21, is one of the first creative business owners to move in to the market.

The head of production at Art-of-football said: “Now the market 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.”