10 reasons why the CGTA does not support the redevelopment and decant plans that are being exhibited by the CGMA.
1. It is our belief that the decant and rebuild process will not work for the tenants and customers of this market.
2. The landlord has been actively encouraging certain tenants in the flower market to downsize and has reduced the number of cafes on the site – putting tenants out of business.
3. The wholesale section, which is integral to the successful operation of this market, will be split for at least a year during the process. History has shown us that any split in the wholesale block can prove disastrous for tenants who end up at the wrong end of the deal.
4. There will be a significant loss of customer and tenant parking and loading / unloading capacity during the decant and customers will also be forced to park further away from traders.
5. The market we end up with will be located on less than half the footprint that we have now and the temporary flower market will not be big enough to house its current tenants.
6. A conservative estimate of the value of the redevelopment to the developer is £2bn (not accounting for the spiralling value of land in the SW8 area). The land has reportedly been sold to a private developer by our landlord for much less than £300m.
7. The fruit and vegetable market will be restricted to one entrance and one exit onto Nine Elms Lane.
8. The cost of fit-out to the tenants will be at our own expense. Any support we are offered at the time we are obliged to move into our new, empty units will be recouped through higher rents over the following years. Unlike now, we will also be expected to pay on a square footage basis for apron and mezzanine space.
9. After the market is redeveloped, rents will be based on open market values, which it is impossible to estimate at this point – but with residential property being built at such a rate in Vauxhall, the rental value of commercial property is already rising considerably.
10. In our view, the redevelopment process under discussion puts the future of the whole New Covent Garden community at risk and will significantly disrupt the lives of residents in the Nine Elms area.
We deserve better than this, we have to make our objections heard