OpinioN8

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Ministry of Sound at a Town Hall near you - #HTHbaddeal

Well maybe not actually in the Town Hall, but in the Economic Viability Assessment provided by the developer. They have seriously suggested that a suitable rent for Hornsey Town Hall would be in excess of that paid by the Ministry of Sound for a top flight night. They calculate that  this implies a subsidy of about £390,000 a year for FEC to provide an Arts Centre, which would reduce the value of FEC's overall investment by £4.9m

I quote from the EVA

Comparable transactional evidence for this type of use are difficult to identify. We are aware of
the following commercial deals for nightclub and performance venues:
• Koko, Camden – 40,301sqft nightclub and licensed bar, let at a current rent equating
to £14.39/sqft in February 2004 for a term of 25 years (11 years & 7 months unexpired
term);
• Ministry of Sound – 20,117sqft nightclub, let in September 2014 at a rent of
£13.92/sqft;
• Clapham Grand – 22,477sqft nightclub, let in September 2013 at a rent of £17.80/sqft;
• Heaven – 21,399sqft nightclub, let in March 2013 at a rent of £19.51/sqft.
We would consider the appropriate market rent for a commercially operated performance
venue and arts centre to be approximately £16/sqft.

Do ya, do ya do ya do ya wanna dance?

Tags: HTHbaddeal, dorsett, far east consortium, hornsey town hall, ojeu, planning application, tax haven

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