must be due for demolition soon?
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If the grid/cover is yellow then it's probably a fire hydrant.The bricks around one of the covers (painted yellow )outside boots are starting to collapse.
Not quite market square but they have managed to put all the bricks back after digging up outside the old M&S, so that goes to show that contactors never need to put tarmac down after 'repairs'.
There's still a few imperial ones about, inches for pipe diameter and feet for distance.Haven't seen the area you are referring to, however yellow is indeed used to indicate "Fire Hydrants". There should be a sign near by, 'probably attached to an adjacent building' indicating how far the Hydrant is, in metric, away from this sign.
Rumour has it that they were unable to complete some work at the corner of the Shire Hall because of the scaffolding that was there at the time.They were digging up the Market Square new-look paving stones today. All cordoned off.