USM has offered to enter into a 90-year lease for the market, which is owned by the City. It has set out a phased plan under which shops and other activities in the market would start operating within six months and the market would be fully repaired and occupied within five years.
USM has made the proposal as an alternative to the plans for redevelopment of the market submitted by developer Henderson last year, which include demolition of parts of the market.
In a letter to the City, USM director Peter Reynolds asked the City to "consider seriously" an alternative to Henderson's plans. He said that USM's proposals would offer "financial value to the Corporation and social value to those who live and work in London".
“No demolition is required, all of the existing five entrances into the site would be retained, improved and opened to provide a public space to be enjoyed by local residents, office workers, shoppers and tourists," Reynolds said in the letter.
He said that the decision to demolish parts of the market had been taken without any "proper attempt" at marketing the opportunity to reuse the buildings.
Campaign group SAVE, which has opposed Henderson's planning application said in a statement that the plans by USM showed that "there is no commercial necessity" for the demolition proposed by Henderson and that refurbishment of the market is a "viable alternative".
