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Traders at Elephant & Castle will be given 80% rent reduction

Traders at Elephant and Castle will have their rent halved after a judicial review into the shopping centre’s regeneration was delayed until October, leaving them in limbo over the planned demolition.

Up the Elephant campaigners plan to hold a protest before the case is heard at the Royal Courts of Justice at the Strand in October 22 and 23, after the planned hearing in mid-July was adjourned.

Further delays mean more uncertainty for traders, but campaigners have blasted claims they are at fault, telling developer and shopping centre landlord, Delancey, that had its planning application been up to scratch to begin with, the legal fight would never have dragged on for so long.

Key contentions are the retail space offered in the new plans, and the number of social homes within the wider scheme.

On Monday, a spokesperson for Delancey announced traders would now have their rent halved – and this would be backdated to the beginning of June.

By the beginning of November their rent will be further reduced; by 80 per cent in total.

The spokesperson said: “We are disappointed the judicial review hearing has been delayed and are conscious this prolongs the process when we want to move forward and give traders the certainty they need to plan for the future.

“As we review our position and as part of our ongoing support to these businesses, we have already dropped the rent by 30 per cent.

“We can confirm today that considering these circumstances, a further discount will be given meaning independent traders will benefit from a 50 per cent rent reduction backdated to June 01.

“We can also confirm that from November 01, 2019, we will be dropping the rent further to an 80 per cent rent reduction.”

“We remain very much committed to creating a thriving town centre in Elephant and Castle.”


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