Save Ridley Road campaigners are celebrating. Not only has Larochette Real Estate Inc, which owns the Ridley Road Shopping Village in Dalston, finally dropped its redevelopment plans for luxury flats and offices, but yesterday Hackney Council passed a resolution to acquire a lease of the ground and basement floors, once Larochette's refurbishment of the building is complete, and to then improve facilities for the small independent businesses and market stallholders there. Leading #SaveRidleyRoad campaigner, Danny Heyward, said "This is a major victory for the many local people who have been contesting the planned redevelopment for over three years and wanting recognition and improvement of this valuable community resource".
The campaign had originally kicked off in October 2018 when the market traders were served with 14 days notice to get out. The artists' management company was also told to clear all the studios on the two upper floors by 31st. December.
The campaign attracted media attention, like this TV news item, to highlight the plight of the traders
Through a vigorous & widely supported campaign of petitions, deputations, fund raising and negotiation the campaigners secured a stay of the evictions, and new leases for the remaining market hall traders, pending the outcome of Larochette's planning application for redevelopment.
The campaigners then continued the fight by holding events, exhibitions and film shows raising public awareness of the continuing threats to the Shopping Village and by organising workshops to assist members of the community make their objections to Larochette's planning application.
The campaigners also spearheaded the application for the Council to nominate the Shopping Village as an Asset of Community Value. The Council approved the ACV status in December 2019. "We demonstrated how retaining the business and cultural activities in the building supported the social well being and social interests of the community" said Bill Parry-Davies who lodged the ACV nomination "Happily, Hackney recognised those interests and has now agreed to take the lease which it says will secure their protection. We hope things will soon get better and help the revival of the market."
Larochette's redevelopment application was not renewed following the cyber-attack in 2020 when its planning application and countless other Council records were destroyed. (Maybe it has postponed the redevelopment whilst they invest in converting old Fulham Town Hall to an exclusive boutique hotel. They acquired that public asset "very very cheaply" Ed.) In February 2021 Larochette made a new planning application - but this time it was simply to refurbish the building, with no plans for its redevelopment as luxury flats. Planning approval was granted on 23 November.
Hackney's Cabinet report records that the annual rents & charges it will pay to Larochette will be £406,000pa and that 90% occupancy of the small business and storage units would be required to meet these lease overheads. It is expected, the report says, that the existing occupiers rents will have to increase - not least to pay the rent on the Council's Market Services own offices which are moving in to replace some of the artists studios on the the first floor. It remains to be seen whether the remaining artists on the upper floors will be able to afford to retain their studios.