The proposed deal between a vehicle owned by Sports Direct owner Mike Ashley and London & Associated Properties to buy Brixton Market, SW9, has fallen through.
A spokesperson from property agency GCW, which was acting on behalf of London & Associated Properties, said: “The previous party did not comply with the agreed timescales and as such we now have the property under offer to another party.”
The Sports Direct vehicle placed the market under offer in November last year for £30m. Earlier in 2017 Sports Direct also bought a plot of land in Brixton on a nearby site between two railway lines.
The market is home to 140 retailers and restaurants and is fully leased to and managed by a division of private market operator Groupe Geraud. Brixton Market and Market Row generate £1.3m pa in rental income.
London & Associated Properties bought the market in 2006 and planned to redevelop it as residential. However, prompted by complaints from local residents and traders, plans were rejected. The markets were then awarded a Grade II listing in 2010, eliminating redevelopment opportunities for the south London site.
GCW and Lewis & Partners are advising London & Associated Properties.
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