Community-led Buy Back Brixton campaign has been named the preferred buyer for Brixton Village and Market Row, marking a major step towards bringing the London markets into community ownership.
The Brixton Traders & Community Association (BTCA) and Advocacy Academy have entered an agreement with current owners TPG AG Real Estate Europe and Hondo Enterprises following a sale process involving commercial bidders.
The campaign now has eight weeks to complete contracts and a further four months to raise the remaining funds, understood to be £50m, and complete the legal and governance work required for the purchase.
Buy Back Brixton says it has already secured £6.5m in pledges from trusts and foundations, alongside more than £550,000 through public crowdfunding.
“Being named preferred buyer is a huge moment for Buy Back Brixton, for the Brixton Traders and the Brixton community,” said The Advocacy Academy CEO Saba Shafi.
“A community-led bid has competed in a major commercial sale process and is now moving into the next stage. That is something to celebrate.
“But this is not the finish line. We now have to raise the remaining funds, progress contracting and complete the purchase. We have confidence in the route ahead, but we need others to join us. We need institutions, funders and values-aligned investors willing to move with urgency and help build a landmark model of community ownership.”
TPG AG Real Estate and Hondo Enterprises spokesperson added: ““We’re delighted to choose the Buy Back Brixton campaign as the preferred buyer for Brixton Village and Market Row. We have taken the role of stewardship for the Village and Market Row seriously and recognise the significance of the market to its traders, customers and the wider community.
“The Advocacy Academy and The Brixton Traders and Community Association have presented a compelling, mission-driven proposal for the market’s future, and this agreement will provide it with the opportunity to secure the funding required to progress its plans. We will continue to work constructively with both parties during this process.”
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