Wednesday 21 November 2018

Has off-shore Ridley Road developer reneged on its promises to Hackney's Mayor?

This week solicitors, acting for the off-shore developer/landlord Larochette Real Estate Inc., have written to traders in Ridley Road Shopping Village telling them they have no right to continue trading there and must get out unless they sign up to new terms this Friday. The new terms seek to load traders with additional charges, deny them the protection which business tenants usually have in law, and would require them to leave on 3 weeks notice given at any time in the future.

Readers will recall that a fortnight ago, after a vociferous and successful community campaign, traders in the Ridley Road Shopping Village had won a reprieve from mass eviction by Larochette Real Estate Inc. 

The communities campaign is back up and running and an appeal for crowd funding has been set up. You can read more of the story, and how you can help, on the CrowdJustice website here

How do the landlord's current actions fit with the promises its UK representative, Rainbow Properties Ltd., made when it met Hackney's Mayor? On 30th October Hackney Mayor Glanville released a statement following that meeting. He said "Rainbow Properties was positive and they reassured us that they will...honour traders' leases and that similar, affordable provision will be included in their planning application.

Ridley Road not only provides a living for its market traders but a source of affordable food and goods for thousands in our community. The Shopping Village building also provides essential storage for the Ridley Road market's street traders. Larochettes redevelopment plans, combined with the Council's own plans to redevelop market stores in Birkbeck Mews, is putting the survival of Ridley Road market at great risk. What could be motivating such high-handed behaviour?

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