Eat out to Help Out
Gin & Beer bar
12th January 2020
CAUSE OF CLOSURE
market adjusted rent increase
Network Rail has announced today that it had closed on the sale of 32 of its properties in Deptford, having signed a contract with Telereal Trillium and Blackstone Property Partners. The sale, worth XXXXXXX is expected to help the Network Rail fill the budget gap for the next two quarters, while assisting the long term regeneration process of the local area, particularly in and around the railway arches - which have long taunted with a promise of a potential forever unfulfilled.
LOCAL COMMUNITY RESPONSE
The rent was too high, and the customers too low.
Selling the arches also put many businesses at risk of rent rises – though Network Rail was hardly guilt free there, though at least as a public company could answer to politicians. Some of those Network Rail rent rises could have been in expectation of raising more funds when sites were sold.