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Invest with small traders and ‘save Archway’
SMALL traders in Islington are clubbing together in a unique scheme to buy up property to stop it from being snapped up by big developers, the Tribune has learned
The revolutionary scheme – thought to be the first of its kind in urban England – will see residents and local businesses becoming “social landlords” as they invest in small shops to stop them falling into the hands of big businesses.
The idea is to attract residents to buy shares and, although they may never see a financial return, the reward will be the “saving of Archway”.
But one small businessman has warned there are not enough philanthropists in Archway to keep the scheme going.
The scheme – which came about through a series of meetings run by Better Archway Forum (BAF) on the future of the area – is well underway and a not-for-profit company has been formed, known as Archway Retail Community Interest Company (ARCIC).
The company has already secured funding for a 75 per cent mortgage for its first property from ethical bank Triodos and hopes to attract the other 25 per cent from the community.
Last week emails were sent out to more than 700 residents and businesses in Archway to test how many people would be interested in making investments of about £500.
Kate Calvert from BAF said the plan was to buy three or four properties over the next few years.
She said: “We need landlords who are not just holding out for the highest bidder. I didn’t think people would want to do it but judging from the response so far I think we could raise £10,000 or £20,000.
“It’s commendable that people want to do it because it’s not like putting money into your post office account whereby you know you will get a return.”
She added: “It means we keep retail on the high street so they don’t get turned over to betting shops, games arcades or offices. The money will circulate better in the community.
“Local businesses employ local window cleaners, accountants, lawyers and when they need their own hardware, electrical fittings and light bulbs they buy them all from local shops.”
Adrian Bethan of the Highgate Society said his organisation would be keeping a close eye on the scheme to see if it could help Highgate High Street from falling prey to more estate agents and restaurants.
He said: “I welcome the scheme because the reason I stop at Archway to buy things is because of the choice that’s available. There are a number of independent traders.
“We certainly want Highgate High Street and Archway Road to learn from it and we see the strength in buying small businesses and what they can provide.”
Actress and comedian Arabella Weir, who lives near Archway, said: “It’s a great idea. Anything that encourages local shops is fantastic, particularly in Archway because it’s constantly battling with that huge ugly tower so it doesn’t have the feel of a normal centre for shopping.”
But Jed Beardmore, who owns Goodwoods hardware store in Junction Road said he feared the project would fail.
He said: “It sounds interesting but I wonder about the practical elements.
“They will be a little unlucky with the economic climate. It’s a good idea for the first one or two projects but I think their pool of investors may dry up.
“I wonder how many philanthropic people are out there – not everyone’s got £500 to burn.
“Also, who’s going to pay the mortgage when the property is vacant?
“I’d like to see more central help from the government and the local authority. I don’t do much for nothing, to be frank, and neither do most people.
“The businesses I know have no money to spare. It’s a question of survival – it’s a bad time [to launch the scheme].” |
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