The three-year scheme will see upgrades carried out to the building's glazed panelling, copper roof and stonework.
A scaffolding structure will be erected to allow traders to operate as normal during the restoration works. The installation of the scaffolding will start in the spring and end in the autumn followed by building surveys that will inform the extent of the work required
Pick Everard have been appointed as technical project manager on the scheme. Wates will also engage a local supply chain and provide training and employment opportunities on the development.
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Deputy Council Leader Martin Rawson said: "We have pledged to redevelop the Market Hall into a modern, vibrant and bustling destination. The appointment of these contractors is the start of a three-year project to transform the building and its offer to attract a wider cross-section of people and drive a stronger footfall in the city centre."
John Carlin, Business Unit Director, Wates Construction Midlands, said: "The Market Hall is the crown jewel of Derby's independent retail sector and is rightly a source of pride for local people. It is, therefore, a privilege for Wates to help secure the building's future by carrying out this refurbishment.
"Throughout the project, we are committed to it being business as usual for traders and shoppers, and to ensure that none of the building's historic charm is lost as part of the transformation process. We will work very closely with the Council, Pick Everard and the market traders to make this project a success and to secure the future of the building for generations to come."
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