Connecting Crouch End and Hornsey with news, views and information
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
• Ministry of Sound – 20,117sqft nightclub, let in September 2014 at a rent of
• 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?