Market Row and Brixton Village, Brixton, London
Our two indoor markets were let on 25 year leases from 1 April 2011 to In Shops Limited, a subsidiary of Groupe Geraud, who operate 200 markets across Europe.
Although LAP had already established Brixton Village as a quality cafe and restaurant location, Groupe Geraud has built on our earlier success.
They have already made progress on an extensive scheme of redecoration and refurbishment. As a result both markets (Brixton Village and Market Row) are trading at unprecedented levels.
Our agreement with Groupe Geraud includes a base rent of £817,500 plus a 50% profi t share, once income received exceeds a certain level. Current trading there exceeds that level by some margin.
Interestingly, several of the cafes and restaurants located within the markets now have their own websites and have been reviewed in the national papers.
Our arrangement with Groupe Geraud will establish a strong income stream together with a saving in our head offi ce costs which we have already started to see.
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