Out with the Old... Network Rail tell businesses to vacate Atlantic Road arches

[ricbake]

As workshops they have a Business Rates value of £130 per square metre
As retail premises the rateable value is calculated at up to £900 per square metre....

Arch 585 - Unit number 1 will pay about £24,000 a year in business rates

 

[CH1]

As workshops they have a Business Rates value of £130 per square metre
As retail premises the rateable value is calculated at up to £900 per square metre....

Arch 585 - Unit number 1 will pay about £24,000 a year in business rates

Will this impact further down the line eventually? I mean the so far unmodernised arches at Loughborough Junction. Or is it contingent on redevelopment into bistros?

How about this new and imaginative use for an arch. I only discovered about it yesterday when I was approached by someone filming my house (apparently the Rock Climbing Centre is immediately behind me on his SatNav).
Contact — BlocFit

Wonder what the business rates are on a Rock Climbing Centre in an arch in the heretofore car repair zone?

 

[ricbake]

Find a property

For 2018/19 the multiplier is 49.3 pence and the small business rate multiplier is 48.0 pence.

 

[Mr Bim of Bar]

 

[Mr Bim of Bar]

Looks like two of the former tennants are returning, and the arches do look very nice.

 

[editor]

Looks like two of the former tennants are returning, and the arches do look very nice.

"Nice" as in bland, generic and with the new sky-high pricing, likely to provide a home for bland, generic shopfronts for incoming pricey shops?

 

[editor]

This was posted on Facebook so I cant vouch for its accuracy. Can anyone confirm?

The arches on Station Road are starting to emerge from behind the hoardings, with the very welcome sight of familiar names on the windows. It looks like some could be open in a matter of weeks. But when they do open we must support them with our custom. The rents are huge, and I'm reliably informed that — like with the indoor market — businesses are being charged a percentage of *turnover* on top of the high rent; the figure I've been told is 8%. That's not a percentage of profit, but of turnover. Not only that, but the percentage is being *auctioned*, allowing the possibility of another business to come in offering to pay a higher percentage. This seems designed to exclude the sort of small, independent businesses which are part of the community. It's effectively a tax imposed by a private company. I can't believe it's legal, but it apparently is.

 

[happyshopper]

I'm pleased that O Talho (Portugese butcher and other foodstuffs) is coming back.

eatinbrixton reviewed it back in 2014 see Cinco Quinas

 

[Mr Bim of Bar]

Are the any of the old traders able to return? have they all been priced out? (apart from the loan shop that is whose continued presence doesn't cheer me at all.)

Sad to see this one is 'TO LET'

This was posted on Facebook so I cant vouch for its accuracy. Can anyone confirm?

Don't believe it, you may be selling a high price item and working on small margin, 8% of turnover could mean you are selling at a loss. Someone once said to me “Turnover is vanity, profit is sanity”

 

[editor]

I'm pleased that O Talho (Portugese butcher and other foodstuffs) is coming back.

eatinbrixton reviewed it back in 2014 see Cinco Quinas

I do wonder how long they'll be able to hang about for. The cynic is me thinks that Network Rail elected to let some businesses back at a cheaper rent because it makes good PR in response to the community's opposition to the refurbishments.

 

[Mr Bim of Bar]

"Nice" as in bland, generic and with the new sky-high pricing, likely to provide a home for bland, generic shopfronts for incoming pricey shops?

You say that but former tenants are returning

 

[editor]

Don't believe it, you may be selling a high price item and working on small margin, 8% of turnover could mean you are selling at a loss. Someone once said to me “Turnover is vanity, profit is sanity”

I asked for a source on FB and got this response:

One of the proprietors on Station Rd. The owners of the indoor market are charging 7% of turnover, so it seems to be the fashionable way to suck the lifeblood from small businesses.

 

[editor]

You say that but former tenants are returning

See my post above. And yes "some" are returning, but a lot aren't.

 

[Mr Bim of Bar]

I do wonder how long they'll be able to hang about for. The cynic is me thinks that Network Rail elected to let some businesses back at a cheaper rent because it makes good PR in response to the community's opposition to the refurbishments.

That’s a fair point and it wouldn’t surprise me in the slightest.

 

[Lambeth Boy]

As I’ve posted before the returning tenants are on staged rent increases so theywill pay full market rents like any other tenant new or old after 5 years , the start rents for them are around 2 to 3 times what they had been paying when they vacated in 2016 . The Contractors didn’t even remove the vegetation growing above so it’s just a tosh over ! It’s all about the rent !!!

 

[Mr Bim of Bar]

As I’ve posted before the returning tenants are on staged rent increases so theywill pay full market rents like any other tenant new or old after 5 years , the start rents for them are around 2 to 3 times what they had been paying when they vacated in 2016 . The Contractors didn’t even remove the vegetation growing above so it’s just a tosh over ! It’s all about the rent !!!

Wow I was thinking exactly the same the thing, the buddleia trees are an eye soar, I was hoping they would take them out

 

[editor]

You say that but former tenants are returning

Strange then that the overwhelming majority of these arches are available for rent:

 

[mafalda]

looks like NR aren't finishing arches in line with planning conditions. All adopted planning drawings show the existing really nice polished mosaic tiling being cleaned and repaired. Looks to me like they've repaired and painted instead. Must have saved NR some cash I guess. When do you think they'll be pulling out the shrubbery as well, which also forms part of the planning documents.

 

[Lambeth Boy]

Jose’s old Arch ( A & C deli ) is ‘ cheap ‘ at £34,000 p.a for a Arch with A3 use but the new hipsters will be on the phone to Mummy & Daddy to dip into their trust fund when the bidding war starts

 

[editor]

Fuck's sake
Guess what business is replacing the A&C Deli in the Atlantic Road arches?

 

[CH1]

I asked for a source on FB and got this response:

The Elephant and Castle shopping centre did this - even more weighted to turnover I believe. A bit academic now as the place is winding down and nearing demolition.

 

[madolesance]

Strange then that the overwhelming majority of these arches are available for rent:

View attachment 164378

There’s probably a bit of room here to be a little pedantic about the last statement. ‘Overwhelming majority’ doesn’t quite add up.

 

[editor]

There’s probably a bit of room here to be a little pedantic about the last statement. ‘Overwhelming majority’ doesn’t quite add up.

I was just exaggerating for effect given that Network Rail was insisting that most of the traders were coming back, when in fact it's a minority.

 

[madolesance]

I was just exaggerating for effect given that Network Rail was insisting that most of the traders were coming back, when in fact it's a minority.

There’s a lot of traders coming back. And good luck to them.

 

[Gramsci]

There’s probably a bit of room here to be a little pedantic about the last statement. ‘Overwhelming majority’ doesn’t quite add up.

Looking at editor post its 14 returning and 18 not.

Looks to me like majority not coming back.

How do you feel about NR permanently pushing out 18 business?

 

[Gramsci]

There’s a lot of traders coming back. And good luck to them.

Will they remain affordable?

I know business in Victoria. To cope with the "regeneration" of Victoria they went up market. Didn't quite work but worked enough to exclude old regulars.

Some of these returning business might have to do the same here.

 

[editor]

There’s a lot of traders coming back. And good luck to them.

Network Rail originally claimed that 75% of the traders were coming back (and that figure did NOT include businesses in sub letted units, who were basically out on their arse). This has proved to be a big fat lie.

And yes, they'll need all the good luck they can muster as Network Rail has stated that those units will all be liable to stepped increases in rents.

I don't see 14 businesses coming back as a 'lot' either.

 

[Lambeth Boy]

The owner of Ashoks ( newsagents in Station Road ) died of a heart attack last Christmas ( stress related ??) , Mash Brothers fishmongers , The Baron , Brixton Tools , Budget Carpets , A & C Deli , Kings car hire plus all the concessions who WERE PROMISED first refusal during the negotiations early on ! The list goes on

 

[Ms T]

Is Cafe Max coming back?

 

[madolesance]

Is Cafe Max coming back?

Yes, and Cafe Rio.