The future of one of east London’s most famous market streets has been secured after a community campaign saw off plans to build luxury flats.
Ridley Road Market is the beating heart of Dalston in Hackney, and controversial plans to redevelop the indoor Ridley Road Shopping Village in 2018 sparked a huge backlash from anti-gentrification campaigners.
The developer, Rainbow Properties, subsequently withdrew its proposals and has now agreed to let Hackney Council take over the running of the market on a 15-year lease. The building will be refurbished, with existing traders allowed to stay in place.
From just £3 per week
“By acquiring a lease for the privately-owned indoor market at the Ridley Road Shopping Village – home to a number of independent businesses and traders and which has previously been under threat from redevelopment – the council can support local traders and businesses and strengthen Ridley Road’s long-term future,” Hackney mayor Philip Glanville said.
The council had taken a tough stance on the plans for the indoor market, and listed it as an Asset of Community Value (ACV) following a campaign by the Save Ridley Road group. Campaigners had argued the redevelopment would mark the beginning of the end for the famous market street because traders on the outdoor stalls – already managed by the council – would lose access to essential storage facilities in the building.
Glanville added: “Bringing the shopping village and the street market together under the council’s stewardship will strengthen Ridley Road’s position at the heart of Dalston’s economy for the long-term – they will complement each other and will both be managed in the interests of local traders, businesses and residents.”