Brixton Market has been put up for sale with a reported price tag of at least £80 million.
The covered market has been owned since 2018 by a joint venture between US investment firm TPG Angelo Gordon and Hondo Enterprises, a property company headed by Texan developer and DJ Taylor McWilliams who bought it for £37 million from London and Associated Properties.
They have now instructed agents Savills and Bruce Gillingham Pollard to find a buyer for the freehold and part leasehold for the market of shops and restaurant which is 90 per cent let and attracts around five million visitors a year.
No asking price has been given but industry sources said it could fetch at least £80 million,
The current owners sparked controversy when they sought planning permission for an expansion of the increase the 60,000 sq ft grade II-listed market through the addition of a rooftop restaurant and events space.
It started as a street market in the 1870s. Electric Avenue which is now part of the market was built in the 1880s and was one of the first streets in London to have electric light. Three arcades, Reliance Arcade, Market Row and Granville Arcade were built in the 1920s and 30s.
It formed part of a wider application submitted to Lambeth Council in 2020 for a 200,000 sq ft 20-storey office tower next to the market on a sit that does not form part of the sale. Hondo withdrew the plans last summer following a backlash from some of the Brixton community. Hondo’s managing partner Taylor McWilliams said at the time that the two-year planning battle had a “profound impact” on the developer’s ability to complete it.
Oliver Bamber, a director in Savills’ central London investment team, said: “Brixton Market is an exciting opportunity for a buyer to own a truly unique London destination, which is located at the heart of the vibrant Brixton community. The Markets attract nearly 100,000 visitors each week, and is an irreplaceable property that enables a buyer expand upon Brixton’s local significance and legacy.
With consistently high occupancy and tenant retention levels, as well as a strong underlying reversion, Brixton Market is strategically positioned for future growth, all while staying true to its tradition of supporting the local community.”
Wesley Ankrah, Savills director of social value, added: “This is an excellent opportunity for an investor to be part of a vibrant and diverse community, where over 95 Micro, Small, and Medium Enterprises (MSMEs) thrive and contribute to 29% of central Brixton’s footfall.
“Representing over 32 nationalities, Brixton Market is a cornerstone of local entrepreneurship and success, offering not just financial returns but also a direct social impact.”
