Brixton Village, the famed street market that is home to over 100 independent traders, has been put up for sale for an estimated £80m, according to The Standard newspaper.
The covered part of the market is already owned by private investors, but the news of the listing has proved controversial. Home to famous eateries such as Club Mexicana, Okan and Fish, Wings, and Tings, the market is beloved by both tourists and locals.
Many Brixtonians have taken to social media to lament the sale, which will be overseen by Savills and Bryce Gillingham Pollard, as a sign of gentrification. In a post on X that received 365k views, one wrote, “This is really sad man, such an important cultural hub in Brixton”.
Why is Brixton Market up for sale?
Previously owned by a property management company, Brixton Village was purchased by Texan millionaire Taylor McWilliams in 2018 in a joint venture between his company, Hondo Enterprises, and the US investor TPG Angelo Gordon.
The owners have already attempted to make changes to the indoor market, located on Market Row and Granville Arcade. In 2021, Hondo Enterprises submitted plans for a 20-storey tower block to be built directly above the market street.
However, these efforts were successfully quashed after a three-year effort by campaign group Fight The Tower, who said it was an attempt at “ethnic cleansing”.
Brixton Village provides retail space for hundreds of sellers representing 50 nationalities. The area is also home to a community of Caribbean residents from the Windrush generation.
Now, there are fears that whoever buys the market will also submit plans to develop the area in Lambeth borough, arguing it would push Brixtonians out.
Writing on X, another user pleaded, “Please don’t knock Brixton market flat & build high end flats. The market is vibrant, full of independent shops & cafes.”
Oliver Bamber, a director at real estate firm Savills, said the market is “an irreplaceable property that enables a buyer to expand upon Brixton’s local significance and legacy.”
What does this mean for Brixton Village traders?
Brixton has undergone rapid development in the last decade. While the space has been used for market trading since the 1870s, Brixton Village itself has only been around since 2009, when it was rebranded after significant redevelopment and investment.
At the time, the market offered three months free rent to local businesses, which resulted in around 170 independent shops, cafes, and restaurants piling in, after years of empty units.
However, while the change has won the village new customers, it has also resulted in rent fees becoming gradually more expensive. In February, trader Suleiman Oloko was handed an eviction notice after he said he had struggled to afford Hondo’s service charges.
Nearby, the future of the famous Brixton Dogstar pub is also in doubt after its owner, the Antic hospitality group, entered into administration earlier this year.
Hondo has repeatedly clashed with the nearby community over its plans for the area. If the sale goes through, local shops and customers will be hoping that the new owner proves supportive of the current business population, and does not push rent costs up higher still.
Bamber appeared to acknowledge the balancing act required between preserving local charm and fostering growth, addeding: “Brixton Market is strategically positioned for future growth, all while staying true to its tradition of supporting the local community.”
