We are committed to supporting businesses located within or nearby the High Road West area. In December 2014, we created a High Road West Business Charter that outlined 4 commitments to businesses affected by the scheme:
- Make sure you are able to participate in the regeneration of the area and fully support you throughout the process.
- Make sure your business is successful during the planning period and the subsequent regeneration and enable individual traders to exercise real choice regarding their current and future options.
- A fair valuation and compensation process (for those businesses that are required to relocate).
- Aim to keep the businesses and jobs within the area, or within the borough.
Lendlease, our development partner for the High Road West scheme, are also committed to fulfilling the High Road West Business Charter.
High Road West will deliver around 130,000 sqft of commercial, retail and leisure space in an enhanced town centre in north Tottenham, supporting the growth of the local economy and increasing employment opportunities in the area.
Some businesses will need to be relocated to bring forward these benefits as well as new homes and public space. Many businesses will be able to relocate into new commercial space in High Road West, and where this is not possible or is not the preference of the business, we will work with you to help you stay in the area or borough.
Why we are seeking to relocate businesses
The High Road West area spans around 11 hectares and includes the Peacock and Carberry Industrial Estate. It is only by seeking to relocate the businesses in these areas that we will be able to deliver the comprehensive regeneration that has been agreed with the community including the thousands of new homes and new jobs which are essential to meet the needs of the residents and businesses in the borough.
Alternative premises for your business
Once we understand every owner/occupier’s requirements, there may be an option to relocate locally or within the borough. Regardless of the location, we will support the search for suitable alternate premises.
Our development partner Lendlease has commissioned Stretton’s, a local property agent, to produce a retail availability report that provides an overview of potentially suitable currently available retail premises outside of HRW, but within the local area (within a 3 mile radius).
The report will be updated quarterly.
Can I buy new premises (freehold) in the new scheme?
There will be no commercial freehold premises available in the new scheme, the businesses that return will do so on a leasehold basis. There are many benefits to being a leaseholder business that are worth considering.
If you are within a larger development such as the HRW scheme, then the management of the commercial premises will likely be done by the landlord and will include things like repairs and maintenance of the buildings, security, and insurance that all leaseholders are paying their way towards the communal benefits.
Being a leaseholder also gives you more flexibility and control with your finances and your space due to reduced upfront costs, fixed rates on rent and there being many more leaseholds on the market meaning you have more chance of finding the ideal property for your evolving business.
Next steps
Togther with Lendlease, we will help support local businesses and deliver on the commitments laid out in the High Road West Business Charter.
The design of the new commercial space as well as the phasing of demolition aims to cause the least disruption to existing businesses.
We are engaging affected businesses to understand their individual requirements.