Islington Tribune - News: End of the road for the passage

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Islington Tribune - by PETER GRUNER
Published: 8 June 2007

End of road for the Passage

THE final death of Camden Passage as a world-famous antique market appeared a step closer this week after The Mall – its jewel in the crown – was sold off to property developers for an estimated £4 million.
Indications are that the 20 traders – who pay in the region of £8,000 a year in rents for the listed former tram shed – will ultimately be given notice to quit and a large chain store invited to rent or purchase the property.
The ornate building situated at the Angel Tube station end of the Passage was sold by previous owners Atlantic Antiques and bought by Piccadilly-based London and Associated Properties.
Reports suggest that the new owners consider £300,000 in rent not unreasonable. But a member of staff at L&AP declined to comment yesterday (Thursday).
Labour councillor Martin Klute, who has been campaigning to have the Passage officially protected, said: “The traders have good reason to be worried. A little digging on the internet reveals that the new owner’s business plan is “to generate rental growth by reconfiguring units to attract top retailers and associated high rents” – in other words, kick out the small businesses, join all the little shop units into one, and then rent the resulting enlarged space to a multiple.”
Two years ago there was a similar situation when the famous Georgian Village at the other end of the Passage was sold off and the 38 traders replaced by a single clothing retail store.
Silver and plate trader Giafraanco Serra who owns Out of the Attic said:” Before the sale we were told that nothing is changing.
“But everything is changing – the property is with an estate agent to test the water.
“I see this as the beginning of the end for Camden Passage. One by one antiques traders are being forced out by high rents.”
Labour is blaming the ruling Lib Dems for not enacting powers to protect the small traders at the market.
But Islington’s Lib Dem leader Cllr James Kempton said it was the Labour government who were to blame for the demise of small shops.” We try and do all we can to protect the traders short of inventing new laws,” he added.” But ultimately it is down to the government to introduce the powers in the High Street.”

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