Brixton Village named as asset of community value

Brixton Village has been designated as an asset of community value, creating extra protections for the site, Lambeth Council has said.

The south London council said the allocation gave the community a legal right to try and buy the site, along with Market Row, following an application by the Stour Trust, which supports community campaigns in relation to buildings.

Last month, traders said they were worried about their future after the site went up for sale.

Martin Abrams, leader of Lambeth Council, said the decision was "a big step forward for the campaign for community ownership, which aims to safeguard Brixton's heritage."

Lambeth Council said the new protection gave communities six months to put together a bid to purchase the site.

Following news of the market going up for sale, traders and residents launched a petition and fundraising campaign to try to stop what they described as "private equity developers" buying the shopping areas.

The petition was signed by more than 38,000 people, and more than £563,500 was raised.

In 2018, the market was purchased for £37.25m by property investment company Hondo Enterprises and private equity company TPG Angelo Gordon.

Campaigners estimated the site could now be worth £50m.

It is understood that TPG Angelo Gordon received multiple bids for the site by the deadline of 22 June, including one from the Buy Back Brixton campaign.

A spokesperson for the campaign said Brixton Village and Market Row being designated as assets of community value had been "a long time coming" but did not guarantee community ownership.

"It is one of several tools being used to support the campaign's wider goal of bringing Brixton Village and Market Row into community ownership and protecting it in the long term," they said.

"Buy Back Brixton's priority remains the live bidding process. The campaign has submitted what we believe is a serious and credible bid, and we are focused on continuing constructive dialogue as the proposal develops."

They confirmed that after submitting their bid, the group was "invited into the second-round bidding process".

Abrams said that Brixton Village and Market Row were "the beating heart of Brixton", adding: "They're hugely valued by our diverse communities and have been shaped by generations of traders, creatives and entrepreneurs from our borough.

"This is a once-in-a-generation opportunity for community action to ensure this cherished local asset is held in local hands."

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