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Musa Audu |
D-Day nears in the big shops sell-off
Traders have three days left to bid for properties
TRADERS with shops owned by the Town Hall have just three days left to bid for their own properties against a “mystery developer”.
Twenty shops in Caledonian Road, near Copenhagen Street, including a café, barbers, Chinese takeaway, mini-supermarket, solicitor, funeral parlour and butcher, are part of a portfolio of 85 properties being sold by Islington Council.
This week, Islington South and Finsbury Labour MP Emily Thornberry described the “sell-off” as “cruel” and “mercenary”.
A handful of traders are struggling to obtain 100 per cent mortgages to buy their shops. The rest will be sold to the developer, who is expected to raise rents, forcing shops to shut.
Solicitor Musa Audu, 56, has to find £350,000 to buy two small offices – £10,000 more than his own independent bank valuation.
He visited the council’s planning department with his Labour ward councillor James Murray in an effort to negotiate a “reasonable” price.
Mr Audu has until Monday to raise the mortgage from his bank, giving him a 50-50 chance of success, he reckons. “I was told by council officers it was non-negotiable,” he said. “There was no discount for any personal investment or years of service, which includes, incidentally, giving out free legal aid.
“I was given just one month to raise the money. On top of that they intend charging me an extra £6,000 for marketing the property to the developer, would you believe?”
Mr Audu, a conveyancing solicitor, added: “This would be bad enough if it was a commercial deal but this is the council.”
Butcher Peter Gardner, 61, will not be buying his shop. “I just couldn’t afford it at my age,” he said.
“We’ll probably close when the new owner puts the rents up.”
Men’s barber Cosmo Cornelio has had his shop in Caledonian Road, opposite Copenhagen Street, for 38 years. “I can’t afford to buy my property and I can’t afford a rent rise,” he said. “Trouble is I can’t afford to retire either.”
Ms Thornberry believes the sell-off is a another nail in the coffin for Islington’s small shops. She said: “Upper Street no longer has any shops that reflect people on the estates. Hardware shops have closed, for example.
“Shops also provide a social function, which we are losing.
“Look what is happening in Camden Passage, where it appears we will lose the Mall.”
A council spokesman said it had tried to make the sale as fair as possible. He added: “While many small shops claim to be struggling a number have considerable funds. These properties are being sold to raise much-needed finance for new urgently needed projects.
“There is a unique ‘price matching’ arrangement to enable the small businesses to have a fair chance against large bidders seeking to buy the whole portfolio.
“In effect, this has meant that local shops get to make the final bid, while making sure the council taxpayer gets the fullest price from the sale. It has now been proven to work.” |
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