|An Open Letter to All RBKC Councillors|
An Open Letter to All RBKC Councillors - Good Fairy and Portobello Road
I was astonished at the small number of replies I have had from my last correspondence below.
Thank you Cllr.Pat Mason for your prompt and positive reply, I would have expected others in the council, to have done the same.
However, I attach an article from a very informed property journal [estatesgazette.com] which highlights the fundamental problem which Portobello Road is now facing; especially the antiques section.
Portobello Road is being targeted by billionaire investment companies. Freeholds are being purchased arcade by arcade. Portfolios of property are being created. The "Portobello Brand" is being re-drafted as "corporate freehold real estate" which, unless RBKC intervenes, will be traded to Multinational Corporations, who are only interested in Yield". Investment companies have no interest in antique dealers (licensees within these arcades).They also have no interest in local residents. Why should they? Their bottom line as the article clearly shows is the "YIELD"
Groups of companies who are intending to sell their portfolio of assets to Investment Corporations or Pension Funds or Private Equity Giants must first rationalize the terms of their leases; increase rents; replace small tenants (in Portobello, the antique dealers) with "blue chip" or"class A" tenants; increase footfall; and lastly they must amalgamate adjoining properties to create more spacious retail units to accommodate "clone" occupation.
There has been worldwide dismay at recent events in Portobello. Councillors are elected to protect their community. Therefore please address these issues as a matter of urgency. Portobello is an international institution in danger of destruction by corporate greed. Only you can help us. Please do so; starting with the Good Fairy planning permission extension tomorrow night; and reject the application for the benefit of all.
I anticipate a reply from YOU ALL, to this open letter.
See related event here - Council Meeting