Camden Passage: the end is nigh

THE Christmas lights are now on in Camden Passage, but for some dealers this will be their last festive period in the London antiques thoroughfare.

Over the last few months, landlords Octagon Assets, who have purchased a number of shops in Islington, have given notice to some of their tenants and issued large rent rises on others. At least 12 shops in Camden Passage are facing either closure or a rent hike of up to 70 per cent. . .

Octagon, who bought the premises about a year ago . . . plan to redevelop the property. . .

The antiques community in Camden Passage has come under threat in recent years. Last year, 40 antique dealers were evicted from the Georgian Village antiques centre and, in their place, planning permission has recently been granted for a new Reiss fashion chain store.

Some of the more vocal traders have launched a campaign to preserve Camden Passage as an antiques market. They have sent round a petition calling on the council, the government and the London Assembly to do all they can to protect the heritage of the area.

Not much chance of that, I'm afraid. As the article notes, many of the dealers facing eviction have been there for decades, and in many cases have been given no opportunity to renegotiate new leases. This reminds me of a conversation I had with a California dealer a few months back, who had taken the advice of one of his customers to heart: "the biggest mistake most antiques dealers make is not buying their own shop". He'd stretched to buy several years ago, and was sitting pretty while his neighbors found their situation increasingly precarious. It's a pity the Passage dealers couldn't have gotten together to buy their building before it was too late. From the Antiques Trade Gazette.

Posted by David on December 13, 2006 9:13 AM