Sports Direct wants to buy Brixton Market - report
today Nov 28, 2017
The retail billionaire is expected to make a £30 million offer for the market’s Brixton Village and Market Row sections that currently host 140 retailers and restaurants.
At least that’s according to the London Evening Standard, which cited unnamed “property sources” for the story on Tuesday. It also said that the purchase is likely to be made through a Sports Direct vehicle, rather than by Ashley personally. Neither Sports Direct nor Ashley have commented so far.
Earlier this year it emerged that a firm linked to Sports Direct has acquired nearby land in Brixton with a source saying that the strategy could be similar to that of Israeli billionaire Teddy Sagi. He has acquired large parts of Camden with the aim of bringing the London destination’s markets under single ownership. He has also helped stallholders launch online sales.
The newspaper said the Brixton Market generates rental income of £1.3 million annually and is currently controlled by London & Associated Properties.
Analysts said that acquiring the property should give Sports Direct, which has been very active on the acquisitions front this year, scope to open stores there. It owns Flannels and has an interest in Agent Provocateur, as well as stakes in Debenhams and French Connection.
But while a new landlord could launch improvements that might benefit the tenants, there are also concerns that smaller independent traders could be gradually squeezed out if rents are raised and larger chains show an interest in taking space.
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