Brixton Village has been officially designated as an asset of community value by Lambeth Council, granting additional legal protections as concerns mount over its future following the site's placement on the market.
Community Right to Buy
The designation means the local community now has the right to attempt to purchase the site, along with Market Row, which together are valued at an estimated £50 million. This decision comes after traders voiced worries when the property was put up for sale, with one bookshop owner cautioning that a takeover could negatively alter Brixton's character.
Campaign Against Private Equity
A petition opposing the potential acquisition by what campaigners described as "private equity developers" garnered over 38,000 signatures. The campaign, which raised more than £563,000 from the community, argued that a sale could lead to rent hikes, evictions, and the "permanent loss of culture that makes Brixton Market what it is."
Council Leader's Statement
Lambeth Council leader Councillor Martin Abrams hailed the decision as a significant step in preserving the area's heritage. "This is a once in a generation opportunity for community action to ensure this cherished local asset is held in local hands. I'm thrilled that, by approving this application, our administration has given the community this opportunity," Councillor Abrams said.
Status Details
The asset of community value application was submitted by Stour Trust, an organization that supports campaigns related to buildings and community spaces. While the status does not prevent a sale, it grants local groups a six-month window to assemble a bid for the site.
Background
In 2018, the market was purchased for £37.25 million by property investment firm Hondo Enterprises and private equity company TPG Angelo Gordon. Reports indicate that TPG Angelo Gordon received multiple bids for the site before the June 22 deadline, including one from the Buy Back Brixton campaign.
