They should try and get the site listed as an Asset of Community Value with Lambeth Council. This will give them six months to find the cash with no competitors
Sorry, I don't have £80 million, £50 million or even £15 million on me at the moment. As a plot of land in central London, it's got to be worth a lot of money, in theory, but somebody outside of the area, who doesn't understand and appreciate the spirit of Brixton, would likely be wasting their investment if they didn't have the support of the community. The backlash would be extraordinary. I like the idea of community ownership. But with ownership comes responsibilities; from safety to sewage, and insurance, it's not going to be without its headaches. I'll make a donation to the cause.
I can't see anyway they're going to raise the money by Monday unless someone like Paul McCartney or Elton John or others who've got sufficient funds to give away and expect nothing in return gets involved.
Interesting valuation/investment conundrum for rival bidders. Do you accept that any attempt at change will be a massive pain in the arse and face protest, pricing your bid accordingly? Do you suck up the stress and run for the money making goal? Or do you decide there's easier places to invest?
If there is a decent return from rents, sufficient to cover the borrowing costs, couldn't Lambeth Council buy it, for "place making" purposes? That would be in line with public sector investment law.
Possibly but £50m, even with favourable local government borrowing rates, would be an incredible amount of money for a council making cuts and spending all its money on temporary accommodation/social care….
Slightly gnomic subheading, I'll give you that. There's a parallel local social media campaign/chatter against Gail's opening in the unit by the station which is being linked to the coincidental news about sale of Brixton market. Chain cafes, good or bad? Obviously Gail's wouldn't be opening the unit if they didn't think there was a market.
Knowing of the issue, I was actually quite interested on what your take would be on the Gail’s question. So those who know end up disappointed, and everyone else will be simply baffled.
I think it will be both more successful initially than the predecessors but equally likely to go quickly due to the usual anti social problems that hit the last occupants (harassment of staff apparently was big)
It's replacing a Starbucks!! The idea that anyone should care or be slightly bothered by a new Gail's is so baffling that I can't even begin to understand it.
As much as I don’t support a Brexiter- I welcome a Gail by Brixton station, replacing the current derelict shop used as a toilet for crackheads. Crackheads have become Brixton authentic flavor for tourists buying Bob Marley T-shirts or Brixton baseball caps. but the community living here want a safety for their children, and a cleaner & more welcoming place. People would rather smell fresh bread than piss & vomit by the tube. I will continue to support my favorite coffee spot in the market, but the Gail argument is ridiculous. It s a bakery. Brixton needs money thrown into not stereotyping
The campaign against Gail's taking over the former Chopstix/Starbucks unit at Brixton station has very little to do with the Brixton Village/Market Row situation.
Ultimately chain cafes and shops on Brixton Road are nothing new, so something odd is going on, to specifically be singling out Gail's. Given the unpleasant and violent campaign that's been waged against Gail's elsewhere in London, I'll leave you to research why opportunists might have seized the moment to disingenuously conflate the Gail's conversion with the Brixton Village campaign.
Even odder, here, there is no explicit conflation, and no explanation, express or implied, as to why Gail's (mentioned only in a subheading) has anything to with the Brixton Market issue at all. The equivalence between replacing one chain operator with another (Gail's) in a single defunct shop, and, potentially, replacing a whole characterful marketplace with a sea of bland commercialism, is, to say the least, by no means self-evident.
It was a parallel drawn by traders themselves, including in the direct quote by Simone Ogunbunmi beneath the subheading. There’s a good discussion now on whether that’s a good comparison but it’s not something plucked out of thin air.
In 2000 the market was infested with rats, empty and unsafe. It only came to life and popularity after being bought by a private investor with a vision, who protected it as cultural heritage and grade 2 building ( can t be turned into flat) and having cash thrown into it. As a local resident, who enjoyed the upgrade, I do not trust the « community » can look after the market. The ideal compromise would be big chains + protected shops with lower rents. Custumers who comes to sport direct/ H&M also stop for food in the market. Nobody opposed KFC & McDonald- there is a lot of hypocrisie locally.. Local families are fed up of walking over crackheads to access the local sport centre; antisocial driving & parking. Cycling and walking challenging. Maybe a bit of gentrification is not a bad thing for the community.
I don't know anything about commercial property, but 10x doesn't seem too high. That's like a valuation of £240,000 for a flat that can get £2000 in rent.
I don't know anything about resi property, but I do know about commercial valuations. Valuation / Annual Income: x3 for professional services without peculiarity. x5-7 for something special (IP ownership, strong order book, niche skills in a hard-to-recruit area). x10 needs something really really special.
The news story here may be that the community group are being played, or badly advised. What not go in with an offer of £1m and see what happens?
They should try and get the site listed as an Asset of Community Value with Lambeth Council. This will give them six months to find the cash with no competitors
https://mycommunity.org.uk/what-are-assets-of-community-value-acv
https://www.legislation.gov.uk/uksi/2012/2421/contents/made
Sorry, I don't have £80 million, £50 million or even £15 million on me at the moment. As a plot of land in central London, it's got to be worth a lot of money, in theory, but somebody outside of the area, who doesn't understand and appreciate the spirit of Brixton, would likely be wasting their investment if they didn't have the support of the community. The backlash would be extraordinary. I like the idea of community ownership. But with ownership comes responsibilities; from safety to sewage, and insurance, it's not going to be without its headaches. I'll make a donation to the cause.
And the timescale, if genuine, is nigh impossible.
I can't see anyway they're going to raise the money by Monday unless someone like Paul McCartney or Elton John or others who've got sufficient funds to give away and expect nothing in return gets involved.
It's got to be a donation, not an investment.
The timetable seems deliberately designed to exclude the community bid from the process.
Interesting valuation/investment conundrum for rival bidders. Do you accept that any attempt at change will be a massive pain in the arse and face protest, pricing your bid accordingly? Do you suck up the stress and run for the money making goal? Or do you decide there's easier places to invest?
It’s been on sale for 2 years
If there is a decent return from rents, sufficient to cover the borrowing costs, couldn't Lambeth Council buy it, for "place making" purposes? That would be in line with public sector investment law.
Possibly but £50m, even with favourable local government borrowing rates, would be an incredible amount of money for a council making cuts and spending all its money on temporary accommodation/social care….
And the answer to the Gail’s question? Or indeed the question?
Slightly gnomic subheading, I'll give you that. There's a parallel local social media campaign/chatter against Gail's opening in the unit by the station which is being linked to the coincidental news about sale of Brixton market. Chain cafes, good or bad? Obviously Gail's wouldn't be opening the unit if they didn't think there was a market.
Have you thought about doing a piece on what's happening with Shepherd's Bush market Jim?
I have now?
Knowing of the issue, I was actually quite interested on what your take would be on the Gail’s question. So those who know end up disappointed, and everyone else will be simply baffled.
I think it will be both more successful initially than the predecessors but equally likely to go quickly due to the usual anti social problems that hit the last occupants (harassment of staff apparently was big)
It's replacing a Starbucks!! The idea that anyone should care or be slightly bothered by a new Gail's is so baffling that I can't even begin to understand it.
As much as I don’t support a Brexiter- I welcome a Gail by Brixton station, replacing the current derelict shop used as a toilet for crackheads. Crackheads have become Brixton authentic flavor for tourists buying Bob Marley T-shirts or Brixton baseball caps. but the community living here want a safety for their children, and a cleaner & more welcoming place. People would rather smell fresh bread than piss & vomit by the tube. I will continue to support my favorite coffee spot in the market, but the Gail argument is ridiculous. It s a bakery. Brixton needs money thrown into not stereotyping
The campaign against Gail's taking over the former Chopstix/Starbucks unit at Brixton station has very little to do with the Brixton Village/Market Row situation.
Ultimately chain cafes and shops on Brixton Road are nothing new, so something odd is going on, to specifically be singling out Gail's. Given the unpleasant and violent campaign that's been waged against Gail's elsewhere in London, I'll leave you to research why opportunists might have seized the moment to disingenuously conflate the Gail's conversion with the Brixton Village campaign.
Even odder, here, there is no explicit conflation, and no explanation, express or implied, as to why Gail's (mentioned only in a subheading) has anything to with the Brixton Market issue at all. The equivalence between replacing one chain operator with another (Gail's) in a single defunct shop, and, potentially, replacing a whole characterful marketplace with a sea of bland commercialism, is, to say the least, by no means self-evident.
It was a parallel drawn by traders themselves, including in the direct quote by Simone Ogunbunmi beneath the subheading. There’s a good discussion now on whether that’s a good comparison but it’s not something plucked out of thin air.
In 2000 the market was infested with rats, empty and unsafe. It only came to life and popularity after being bought by a private investor with a vision, who protected it as cultural heritage and grade 2 building ( can t be turned into flat) and having cash thrown into it. As a local resident, who enjoyed the upgrade, I do not trust the « community » can look after the market. The ideal compromise would be big chains + protected shops with lower rents. Custumers who comes to sport direct/ H&M also stop for food in the market. Nobody opposed KFC & McDonald- there is a lot of hypocrisie locally.. Local families are fed up of walking over crackheads to access the local sport centre; antisocial driving & parking. Cycling and walking challenging. Maybe a bit of gentrification is not a bad thing for the community.
How can ~4.5m pa of rent correspond to a valuation of 50m? That's over x10!
Development potential?
I suppose it must be, but Hondo's plan failed so what is the potential?
I don't know anything about commercial property, but 10x doesn't seem too high. That's like a valuation of £240,000 for a flat that can get £2000 in rent.
I don't know anything about resi property, but I do know about commercial valuations. Valuation / Annual Income: x3 for professional services without peculiarity. x5-7 for something special (IP ownership, strong order book, niche skills in a hard-to-recruit area). x10 needs something really really special.
The news story here may be that the community group are being played, or badly advised. What not go in with an offer of £1m and see what happens?
Lack of AC on victoria line makes it hard to get to
Stuff like this is going on in literally every city that I've spent any significant amount of time in during the past 20 years.