LONDON & ASSOCIATED PROPERTIES ("LAP") SELLS ISLINGTON RETAIL INVESTMENT FOR £ 6.62M.
LAP, the specialist retail investor and developer, today announces that it has completed the sale of the Mall, Upper Street, Islington in London for £6.62m to PRUPIM.
The sale price reflects a net initial yield of 5.25%.
The 7,588 sq. ft. retail investment is fully let to the fashion retailer Jack Wills on a 10 year lease at an annual rent of £367,500 from 29 September 2009. The rent is due to commence on 6th January 2010 following a rent free period.
Approximately £3.2m of the proceeds will be used to pay down a revolving credit facility with Royal Bank of Scotland.
The balance will be added to LAP's cash reserves.
LAP was advised in the sale by Lewis & Partners and purchaser was represented by Jones Lang La Salle.

Listed building consent was given to LAP for the removal and replacement of the existing ground floor slab and the removal and replacement of the existing staircases at the northern and southern ends of the building, insertion of ambulant disabled toilets and removal of internal partitioning at 359 Upper Street, London N1 0PD in accordance with the terms of the application Ref P080135 dated 9 January 2008 and the plans submitted with it subject to the following conditions:-
1) The works hereby authorised shall begin not later than 3 years from the date of this consent.
2) All new works and works of making good to the retained fabric whether internal or external shall be finished to match the adjacent work with regard to the methods used and to material, colour, texture and profile unless otherwise agreed in writing by the local planning authority.
3) Detailed drawings and samples of materials in respect of the following shall be submitted to and approved in writing by the local planning authority before the relevant part of the work is begun: a) new floor slab, b) steel structure, c) staircase, d) internal shop-front, e) entrance steps, f) floor covering, g) toilets/partitions. Works shall proceed in accordance with such details and shall thereafter be retained.
4) No plumbing or pipe-work other than that which may be depicted on the approved plans shall be affixed to any elevation of the building unless otherwise agreed in writing by the local planning authority.
5) Structural Engineers’ drawings indicating the intended method of ensuring the stability of the fabric to be retained throughout the period of the removal of the floor slab and installation of the new slab, shall be submitted to and approved in writing by the local planning authority before the relevant part of the work is begun. Works shall proceed in accordance with such details.

London & Associated Properties PLC. has now submitted a planning application for an all-night club just two weeks before a public inquiry will decide the fate of the Islington building!!!!! See the Islington Tribune article.

Islington Council had unanimously decided to refuse London & Associated Properties PLC's listed building application to remove the ground floor slab and shop partition walls of the Mall. The property developers,
London & Associated Properties PLC., decided to appeal against the decision and requested a public inquiry.

Please send your letters (3 copies) of support for Islington Council for the preservation of the Mall as an Antiques and Specialist Shopping Arcade to:-

The Planning Inspectorate
Room: 3/14 Eagle
Temple Quay House
2 The Square
Temple Quay
BRISTOL BS1 6PN

It is important that you quote reference: APP/V5570/E/08/2074315/NWF
The closing date for comments is 02 July 2008 otherwise your comments will not be considered.

The Planning Inspectorate have introduced an online appeals service which you can use to comment on this appeal.
You can find the service through the Appeals area of the Planning Portal www.planningportal.gov.uk/pcs
In your comments include your name, address, email address or phone number.

The Planning Inspectorate will not acknowledge your letter unless you specifically ask them to do so. They will, however, ensure that your letter is passed on to the Inspector dealing with the appeal. If you wish to receive a copy of the appeal decision you need to include this request in your comments.

Write to The Mayor of London Boris Johnson
reminding him of his comments, on television during his election campaign, for his support of small shops.
Also, as a resident of Islington, Boris Johnson said it (Camden Passage and the Mall) was one of his favourite local spots.
He added: “There are lots of places that are sites for what I call special sentimental interest. They have always been under threat from people who want to make a quick buck.”

Address:-
Boris Johnson Mayor of London
Greater London Authority
City Hall, The Queen's Walk
More London
London SE1 2AA
E-mail mayor@london.gov.uk

Islington Council refused to grant London and Associated Properties PLC. listed building consent for the following reasons:-

The features introduced into the Mall in the late 1970s, (including the sub-division of the ground floor and basement into small unit shops and the creation of linear public thoroughfares or malls between shops linking the entrances to north and south), are important elements in the history of its conversion from a closed industrial building to a shopping arcade with small unit shops open to the public and a shopping thoroughfare forming part of the public realm during shopping hours. They are also important integral elements in the character of the building as a Grade II listed shopping arcade. The proposed alterations would involve the loss of these features and with them the established character of the building as a shopping arcade and would thereby seriously detract from the historical and special interest of the building as converted to that use.

London & Associated Properties PLC, (LAP), the new owners of The Mall, have decided to knock down the
interior structures of this imposing, Victorian, grade 2 listed building and convert it into a single retail unit.
With the loss of the large number of antiques shops from this flagship venue at the heart of the Camden Passage
antiques quarter the charming and slightly eccentric feel of the area will radically change.
Visitors will disappear as the remaining antique shops will be unable to offer the variety and choice that has been the
mainstay of the market up till now.

The Mall, Camden Passage’s “jewel”, became a London mayoral election issue this week with the three major candidates
all pledging to save it.
Mayor Ken Livingstone offered his support to The Mall’s beleaguered antique traders during a walkabout last weekend.
Up to 40 traders have been given eviction notices and the owners of the Grade II-listed former tram shed are threatening to sell to a large retail outlet.
Mr Livingstone promised to do everything within his power to “scrutinise the application”.
He added: “Unique places like The Mall are part of what makes London so special. It would be a blow if The Mall were to be lost.”
Conservative candidate and Islington resident Boris Johnson said it was one of his favourite local spots.
He added: “There are lots of places that are sites for what I call special sentimental interest. They have always been under threat from people who want to make a quick buck.”
Liberal Democrat candidate Brian Paddick said it was essential planners take into account local people’s feelings.