Soft Market Testing
What is soft market testing?
Soft market testing is an informal, and generally confidential, conversation with sections of a perceived market. Invited participants are interviewed to allow for market interest in a scheme or project to be gauged and questions asked to help shape the potential scheme and ensure it would be deliverable once brought to market. Soft market testing is not part of a formal procurement process.
Soft market testing and Hornsey Town Hall
The Hornsey Town Hall options appraisal review recommended that the council give further consideration to alternative options for Hornsey Town Hall, and that these options should be tested further with the market.
The council therefore commissioned a more detailed soft market testing (SMT) exercise to gather a market view on the potential of these alternative options.
The council also commissioned a Market Demand Study, to consider potential future demand for various uses within the Town Hall, such as employment space, retail, leisure and residential uses.
The feedback from these two commissions has helped to gather information on market trends and interest in the Town Hall.
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