| |
Crossrail bosses tell traders to make tracks
SMALL businesses in Soho claim they are facing financial ruin because of Crossrail. Dozens of shop owners are being forced to sell up so that work on the £16billion high-speed underground rail link can begin.
Crossrail’s legal representatives have sent letters out to 97 landlords around Tottenham Court Road Tube station warning they must sell their premises to Crossrail London Rail Links (CLRL) and move out before January 17. But with the property market in freefall the traders say they are being forced to hammer out a deal at the “worst possible time”.
Mr Khurana, who owns the freehold of Saks luggage shop next to Tottenham Court Road Tube station, said: “I had no plan to sell, but even if I did I would not be doing it now. They are forcing us to sell at the worst time possible. I think they should be paying us over the market rate.”
He added: “I am 50 years old. If I cannot find a new home, who is going to employ me? When I bought the freehold to this place I did it because I wanted it for my retirement and my children.”
Halil Salih, who is the manager of nearby Get Digital, said: “We have 15 years left on our lease. We could ask for £1million, but what is to stop them turning around and saying ‘£250,000’? If we do not accept, the bailiffs will be coming and we have been told we will only get 90 per cent of their offer.”
Many of the small businesses will be given compensation based on their last three years’ profit margins.
Mr Salih added: “Compensation? How long will that last. I have a family. None of us has ?any idea where our businesses will go because we don’t know how much money we are getting. None of us has any control over our destination – we are in the dark. I didn’t think this was really happening until I got the notice.”
The government has instructed CLRL to handle a series of further acquisitions in other parts of the West End including a listed house in Dean Street. The large stretch of prime shopping district from numbers 1-23 in Oxford Street will form an entrance to a new Tottenham Court Road London Underground station including new Crossrail platforms.
Many traders claim the government is getting the property at knock-down prices and will reap huge profits after the Crossrail project is completed.
A spokesman for Crossrail said: “The affected properties were named in the Crossrail Bill when it was deposited in 2005. All those with an interest in the properties were advised and were able to object. Legal powers were gained with the Royal Assent of the Crossrail Act in July 2008.” |
 |
|
| |
| |
