The Buy Back Brixton group celebrated its appointment as preferred buyer of the Brixton Village and Market Row at a community rally on 16th September.
The grassroots campaign, led by the Brixton Traders and Community Association (BTCA) and Advocacy Academy, celebrated its milestone with music, food, stalls and speeches on Brixton Station Road.
They now have eight weeks to complete due diligence and exchange contracts, and then a further four months to raise £50m to complete the purchase.
The multicultural marketplace is home to independent traders, restaurants, shops, family businesses, food stalls and cultural spaces.
Market Row was built in 1928, while the arcade now known as Brixton Village opened in 1937, both have been shaped by generations of traders and the area’s strong African-Caribbean heritage.
Brixton Village and Market Row are currently owned by Hondo Enterprises and TPG AG Real Estate Europe, which put the markets up for sale following a commercial sale process involving other bidders,
Since starting the campaign in June, Buy Back Brixton has raised more than £575,000 through public donations and mobilised £6.5m in pledges from trusts and foundations.
If completed, it would be the largest UK asset bought into community ownership.
Akua Asiedua Asare-Loupalo Bi, a trader at Shimirose and Secretary of Brixton Traders and Community Association, said the remaining funds would come from ‘a blended funding model,’ including trusts and foundations, institutional funders, values-aligned and social investors, philanthropy and grant funding, alongside continued public fundraising.
“Public fundraising is important, but the bulk of the remaining capital will need to come through larger institutional, philanthropic and long-term social investment routes,” she said.
The rally brought together traders, residents, community organisers and supporters, with DJ sets from Just Vibez and One Nation.
Levi Roots — British businessman, chef, musician, television personality, author, and radio presenter — described the market as ‘the heartbeat of the community.’
During his rally speech, he said: “I feel the spirit of the windrush generation, who built this foundation with sweat, blood, tears for this place we call home.”
Akua said the campaign is not concerned that corporate sponsorship would dilute their cultural integrity because they work hard to form connections with philanthropic bodies who are looking to support projects that ‘aligns with their ethos’.
The loss of Brixton’s cultural integrity is a pressing concern for the community. A resident who attended the rally said: “Brixton hasn’t felt like it was for us.”
Similar worries were raised by market traders who have experienced rising costs, uncertainty, lack of investments, maintenance issues and concerns about the long-term future of the markets.
The campaign continues to develop a community ownership model where decisions are made transparently with traders having a voice and with a long-term sustainability of the market and independent businesses at the centre of those decisions.
Akua commented that precise legal and governance structure was being worked on with professional advisers and community stakeholders.
On rents, she said: “We’re not going to make unrealistic promises that rents could never change. Running a market of this size has real costs.”
Whilst the purchase is far from complete, the overwhelming public support gives campaign members hope that they will complete the funds.
Akua said: “Within 24 hours of making the crowdfunding post public, we received £251,000. It’s incredible to see people want to be on the ground to support us ever since.”
Akua called upon everybody being involved to support. She said: “Once you find a place that makes you feel happy, safe and a sense of belonging, it being ripped from you is heart wrenching. So you fight for it.”
Feature image courtesy of Akane Hayashi
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