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Oriental City Agreement Reached |
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Wednesday, 13 June 2007 |
The traders of Oriental City, the South East Asian shopping and eating mall in Colindale, North London, have reached a settlement with Development Securities who are poised to redevelop the site.
In yesterday’s announcement, Laurence Martin – Development director of Development Securities said, “Following five months of discussions with tenants involving the GLA and Brent, we’re pleased to have reached an agreement to move forward and redevelopment an exciting new OC.”
The settlement means that Oriental City traders have been allowed free rent and can remain open for business until the development starts June 2008. Julian Barwick, the joint managing director of development Securities said: “We recognise that it is not possible to temporarily relocate tenants during redevelopment and because of this there is a period of uncertainty for the tenants. Therefore, we have agreed a clear timetable for close down of the package of measures including rent free from now until closure to provide assistance to tenants.”
Although when asked if the traders would be allowed to return to the New Oriental City, Dimsum was told that the 'practicalities of a huge redevelopment' did not guarantee that they would all be in a position to return. Nevertheless, we were assured that the concept of Oriental City is protected for South East Asian businesses to fill the new development.
Nevertheless Mr Yip Fai Liu, the chairman of OCTA, said: “We are pleased to have reached an agreement with Development Securities. We also want to make it clear to all our loyal customers that it is still very much business as usual at Oriental City for many months to come. We intend to be in business at Oriental City until next May.”
“Just as importantly we are resolved to seek a new home for the Chinese and Far Eastern communities in north-west London. Development Securities will provide temporary community facilities during the construction period for Far East community. The community facilities integral to Oriental City will be safeguarded during the redevelopment and replaced in the new building. Oriental City will continue to live on as a cultural and commercial hub for our communities.”
Although the search is still on for a new venue for the temporary community centre during the closure, Development Security has agreed to provide £250,000 for running costs. A compensation figure for the traders has also been agreed, but figures were undisclosed.
Of the outcome, Mr Liu, head of the Oriental City Traders Association, said, “Oriental city is unique; there is no way we can close for 3 years without any compensation package. 1000 trader’s families were affected by the decision to close the centre, not to mention the community and shoppers. We fought hard and with dignity and pride, so I am happy about the settlement. I am most grateful for the help from many organisations and individuals.”
The £200million redevelopment scheme will include 300,000sq feet of shops and cafes, 520 private and affordable homes and a primary school for 420 pupils.
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