Irish Developer Gazumped On Brixton Market By Billionaire American Socialite

The Irish businessman who was thought to have bought Brixton market in February was gazumped by an American socialite and a DJ.

Irish property investor Aidan Brooks’ Tribeca Holdings was reported to have successfully purchased the indoor market in south London for £37.25 million in late February, having seen off British billionaire businessman Mike Ashley.

Brooks has been involved in property deals with fellow Irish businessmen John Magnier and JP McManus. His company, Tribeca, recently spent $83 million on properties in Soho in New York.

He has also extensively invested in retail properties in some of London’s most popular and expensive areas.

But last week it was revealed that Brixton market’s leaseholder, Market Village, sold the leasehold to Hondo Enterprises which is controlled by Taylor McWilliams, a London-based Texan who is part of the DJ collective Housekeeping.

Hondo exercised the leaseholder’s pre-emption rights to buy the freehold from London & Associated Properties, which has a portfolio of shopping centres and shops in the UK.

Hondo said it would develop plans “to protect and enhance” Brixton Market, which generates net income of £1.2 million a year.

Hondo Enterprises said that under its stewardship, the market’s “unique character will be secured for the long term”.

McWilliams has been targeted by the political campaign Class War over a development in Aldgate near the City of London and the use of “poor doors”.

The announcement of the purchase came from the PR company Lowick, which specialises in “reputation and political risk”.

Hondo describes itself as a property investment, development and asset management company specialising in “opportunistic and value-add transactions” in central London.

Hondo Enterprises last filed accounts – for 2016 – in September last year. It recorded itself as a micro entity with assets of less than £50,000.

Hondo’s website lists its other properties as car parks, an “urban resort hotel and spa” and the Relay Building in Aldgate, a 22-storey-mixed-use development that has part of a London Underground carriage in the reception area. It is intended to be “a new hub for tech and creative occupiers”.

Announcing the purchase of Market Row and Brixton Village, Hondo said: “The Market is at the heart of Brixton’s community and under our stewardship its unique character will be secured for the long term.

“We look forward to beginning a conversation with traders, the local community, and Lambeth council in the coming weeks and months as we develop our plans to protect and enhance the market.”

Brixton Market comprises a street market in the centre of Brixton, south London, and the adjacent covered market areas in nearby arcades Reliance Arcade, Market Row and Granville Arcade
Source: Wikimedia

DealMakerz is surprised to see yet another twist in the tale of Brixton Market’s future ownership.

It’ll be interesting to see what the locals make of the deal, after they expressed anger and disappointment at the prospect of Ashley’s SDI (Brixton) Limited owning the market.

Brooks is an extremely successful property developer, having amassed a fortune worth £500 million.

McWilliams, on the other hand, was the target of a long-standing “poor doors” campaign after he bought One Commercial Street, which was built with separate doors for people living in the most exclusive flats and those living in affordable housing.