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We can’t all sell up
• IF Islington’s commercial properties are bargains at the prices asked, as suggested by Peter Sullivan, then the council is failing to maximise its once-and-for-all financial return but without guaranteeing the continuance of the businesses concerned (Was sell-off a bargain? August 24).
However much these deals would be attractive as investments to property companies, they surely represent diversions for most of the tenants concerned.
Purchase of the freeholds are unlikely to be possible without mortgages and, while their current book value may well provide sufficient collateral, the loans will have to be serviced from the profits of the tenants’ businesses. The only alternative is that the loans are short term and paid off through the tenants selling up.
London’s property prices may be fuelled by surplus funds generated in London’s financial sector but these funds will only find their way into real estate and prices will only remain buoyant if there is a sustained demand for accommodation from those who live and work in London at a wide variety of businesses in addition to property and finance.
A strategy that relies upon everyone, both businesses and residents, selling up and leaving is not sustainable.
Such thinking might seem prudent for a selfish individual with only short-term interests but Islington Council should surely be there to represent the long-term concerns of the whole community and that is clearly what it is failing to do.
CHRIS GRAHAM
Tollington Park, N4
• ONCE again, Islington Council has shown it is disinclined to sell small shops to their leaseholders.
Two prospective purchasers – a café and a dress shop – in St John Street at Angel have had offers refused because they missed deadlines for funds by two hours. This is heartless, outrageous and extremely unfair.
I continue to be baffled by the situation, especially since, apparently, the council’s policy is to protect premises suitable for small businesses.
I do not understand what the council is doing. This is madness.
CLLR MARTIN KLUTE
Labour, St Peter’s ward
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