Wards Corner is due to be redeveloped by a public/private sector partnership for high-density mixed-use – retail and commercial plus several hundred high-rise residential apartments for sale, social housing and PRS. The Market hosts some 40 SME and sole-proprietor businesses, most of whom are first generation immigrants from South America. It has emerged as a focus for the Spanish-speaking community in London which is now estimated at 200,000.
Safeguarding the future of those businesses is a major concern for the London Mayor who imposed S.106 planning conditions on the planning consent. MAM has stepped-in to discharge those obligations on behalf of the development partnership. These include a guarantee of continuity of trade, business training and a temporary relocation nearby before moving back into the completed development. MAM is partnering with LB Haringey, London Underground and Grainger plc and will deliver possession when required for the building works.
MAM’s involvement extends far beyond a normal Asset Management role. It includes community social events and carnivals, fashion shows and (soon) a Community Radio Station. Because of its ethnic diversity the project is closely monitored by the GLA which supports it through the Mayor’s Fund. MAM directly manages the Market through Spanish-speaking staff and hosts business training workshops as part of a facilitation role. It is developing partnerships with secondary education colleges such as CONEL and ADA to develop Stallholders businesses in anticipation of the development. Managing the Market is always frantic, chaotic and sometimes frustrating – but never dull.
The Market motto is ‘Lo pequeno es hermoso’ (‘Small is beautiful’) which neatly describes a unique South American attraction and community facility.
- Purchased as a going concern
- New lease from London Underground
- Precursor to redevelopment
- Development partnership with LB Haringey / LUL / Grainger plc
- MAM discharging the Market-related S.106 obligations
- 40 SME / Sole proprietors, mainly South American
- Supported by GLA Mayors Fund
- £1.5m + temporary move
- £3.0m permanent relocation
- Continuity of trade guarantee
- Spanish-speaking management
- Business training workshops
- Market Facilitation role
- Community Radio Station