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Designer Kei Kagami in his Holloway workshop |
Fashion workshop price ‘oversized’
Top designer is told to pay thousands more than his neighbours to stay in building
ONE of Britain’s top fashion designers, desperate to buy the workshop he occupies, faced despair this week over the “illogical and over-inflated” £183,750 price slapped on it by Islington Council.
Japanese-born Kei Kagami has been forced to cancel an International Fashion Week catwalk show in Milan in a last-minute effort to reach an agreement with the council to buy his property before the August 9 deadline.
Mr Kagami is convinced that a mistake has been made over the pricing of his premises in Hornsey Lane, Holloway.
He believes it is the only reason that would explain why he is being asked to pay between £50,000 and £70,000 more than his next-door neighbours in an identical purpose-built workshop.
Islington is selling off 220 council-owned properties to Angel-based David Pearl of the Structadene development company for £70 million, but occupants like Mr Kagami are being given the opportunity to buy theirs first.
At least 130 traders are struggling to raise mortgages amid claims that the council’s valuation – based on what Mr Pearl is prepared to pay for the properties – is 50 to 100 per cent above independent estimates.
In a worsening row, neither the developer, nor the council have satisfactorily explained the apparent disparity between the price being asked from Mr Kagami and that being sought from his neighbours.
However, Mr Kagami claims that in a telephone conversation a senior figure with Structadene admitted that mistakes may have been made.
Both Structadene and the council have accused each other of setting the price.
Four people are employed by Mr Kagami at his 90 square metre workshop at 86a Hornsey Lane, in the shadow of the Emirates stadium.
The £183,750 compares with £131,000 being asked next door at 82a, £131,000 at 84a, £115,000 at 88a, and £126,000 at 90a.
Mr Kagami said: “I can’t concentrate on my work with this dreadful business going on.
“I want to buy my workshop but why should I pay more than everyone else in this commercial block?
“No one can explain to me how they reached the figure.
“They never even visited me.
“They must have made a mistake, but no one wants to admit to it. The whole thing is draining me financially and emotionally.”
Amwell Street vet Dale Barter, who represents many of the traders trying to buy their properties, said it was just one example of the apparent “illogical” way prices were fixed.
He added: “The council say Structadene is responsible for valuations, but the developer says that they would revise figures if the council would agree.
“The council also maintain that they do not have to obtain fair market value, but only the best consideration reasonably obtainable.”
Mr Pearl was on holiday this week and no one in his office at White Lion Street was able to comment.
Councillor Terry Stacy, Islington Council’s deputy leader, said: “The figures given to individual occupiers are not valuations, but market-tested offer prices, reflecting what Structadene bid for the entire commercial property portfolio.
“No two properties are the same – there are differences in their size, condition and tenancy.
“Many occupants, like Mr Kagami, have indicated they want to buy their property.
“The arrangements, which have been consistently and fairly applied to everyone, state that all prospective purchasers must match the price offered by Structadene.” |
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