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Camden Lock Market Planning Application Economic and Retail Report Prepared by RPS On Behalf of Castlehaven Row Ltd August 2015 ECONOMIC AND RETAIL REPORT CAMDEN LOCK MARKET ON BEHALF OF CASTLEHAVEN ROW LIMITED August 2015 Our Ref: JCG19634 RPS 14 Cornhill London EC3V 3ND Tel: 020 7280 3200 Fax: 020 7283 9248 Email: [email protected] rpsgroup.com/london CONTENTS 1 INTRODUCTION ............................................................................................................................... 1 2 EXISTING USE AND PROPOSED DEVELOPMENT ......................................................................... 7 3 ECONOMIC AND RETAIL PLANNING POLICY ...............................................................................17 4 CAMDEN TOWN ECONOMIC PROFILE AND BASELINE ...............................................................37 5 ECONOMIC ASSESSMENT .............................................................................................................49 6 CONCLUSIONS ...............................................................................................................................59 Camden Lock Market Economic & Retail Report August 2015 rpsgroup.com/london 1 INTRODUCTION 1.1 This report has been prepared on behalf of Castlehaven Row Limited (the ‘Applicant’) in support of a planning application which proposes the refurbishment and enhancement of the existing Camden Lock Market within Camden Town. The Market is situated adjacent to the Regent’s Canal with primary frontage to Chalk Farm Road and secondary frontage to Camden Lock Place. 1.2 The purpose of this report is to assess the application proposals in terms of their compliance with national and local economic development policies as prescribed by the National Planning Policy Framework (NPPF) and the development plan covering the application site. 1.3 The Applicant is an experienced operator of markets within Camden Town. Castlehaven Row Limited is a subsidiary of Market Tech Holdings Limited. Market Tech Holdings Limited purchased the famous Camden Lock Market in October 2014 from the Urban Market Company and the investment fund Brockton Capital. In addition to Camden Lock Market, Market Tech also owns and manages the Stables, Buck Street (Union Street) and Hawley Wharf (formerly the Camden Canal Market) markets. The Stables market has been subject to comprehensive redevelopment in recent years providing purpose built market buildings comprising a mix of retail, leisure and business uses. Hawley Wharf and benefits from planning permission for a comprehensive mixed use scheme of redevelopment including new market retail floorspace. Work to implement the scheme has recently commenced. Unifying these sites under single ownership represents a huge opportunity to significantly enhance and improve the existing market and its surroundings. 1.4 Camden Lock Market was originally established in early 1970s as a weekly arts and crafts market operating on Sundays. Since then it has grown into a major domestic and international visitor attraction and trades across all days of the week. 1.5 In recent years a number of improvements to the market have been sustained including; proactive and engaged management, the introduction of a programme of events and festivals aimed at both visitors and the local business and residential communities, an improved website providing detailed information for visitors as well as advice to potential market traders about how to obtain a stall, expectations and standards etc, introduction of a night market which further stimulates the evening economy and enlivens and maximises the use of the market and an improved food offer (the ‘Global Kitchen’) which has proved very popular with local workers. The latest proposals build upon these improvements but they specifically seek to address a number of inherent physical constraints which detract from the overall visitor and trader experience. Key issues identified include: § Improving entrances to the market including legibility § Access, wayfinding and circulation issues § Weather protection for traders and visitors § Re-use of under-utilised space such as the Eastern Vaults within the Interchange Building § Maximising the market’s waterside setting § Provision of a higher quality market offer § Improve the attractiveness, type, location and juxtaposition, size, number and flexibility of existing units § Increased seating areas and areas of public space § Addressing operational issues including those associated with the food and beverage operation Camden Lock Market Economic & Retail Report August 2015 rpsgroup.com/London 1 1.6 The Applicant has developed a ten point plan (‘retail manifesto’) which has informed the nature, composition and direction of the application proposals. Key commitments include: § Make Camden Lock Market more relevant to local residents and the working community § Re-engage with a wider London audience § Enhance the eclectic and attractive mix of small, niche, independent retailers § Be a centre of production and consumption – ‘making, doing, selling’ § Provide a range of occupancy offers – pop-ups, to market stalls to shop units § Increase quality in everything we do, whilst maintaining the diversity of the offer § Enrich and grow the food and drink and leisure offer, thereby also enhancing the evening offer § Inspire the formation of a hub for creative enterprise and cultural industries § Expand on our engagement with local charities and organisations § Encourage people to come and enjoy Camden Lock for its cultural diversity and retail integrity 1.7 Despite the recent and ongoing improvements outlined above, such measures alone cannot address the physical constraints which are impeding further progress towards the transformation of the market in line with the Applicants’ vision. Physical improvements are needed to address: § Problems with accessibility and circulation and congestion within and around the market. § Providing space suitable for a diverse range of businesses to support the start, grow, sustain cycle § Improve the functionality of the market § Physical works should respect the built and cultural heritage of the market, making full use of heritage assets § Use of high quality architecture and design to deliver an iconic experience and environment § Creation of multiple and diverse spaces allowing for a variety of public uses 1.8 A key driver of the application proposals is to sustain and enhance the contribution of the market to the economic and cultural well being of Camden Town making the market inclusive to all and widening its appeal to a broader demographic. Creating a diverse environment where leisure, entertainment, shopping and business uses and activities co-exist. The mix of uses will ensure a range of activities both during the day and the evening and will help to maintain and enhance the unique sense of place that is Camden Lock Market. In particular the proposals present an opportunity to stimulate local business enterprise through the development and availability of a range of premises suitable for business start ups and the sustained growth of established local small businesses. 1.9 The proposed development seeks to enhance Camden Lock Market from the perspective of the local business and residential community, traders and visitors through the sensitive refurbishment and reconfiguration of existing buildings/floorspace and the addition of new floorspace primarily within the Middle Yard. In the process a range of new public spaces will be created. Not only will these spaces add to the quality of the market but functionally they will help to improve general circulation and navigation around the market and provide opportunities for relaxation and outdoor events space. 1.10 The proposed scheme will maintain the established mix of market stalls, small independent shops and flexible business units. There will be a particular focus and support given to traders that design, make and sell quality craft goods thereby helping to re-create the original ‘arts and crafts’ feel of the market on the site. In addition the proposals provide for a range of cafes and Camden Lock Market Economic & Retail Report August 2015 rpsgroup.com/London 2 restaurants, food stalls, office/studio and workshop space suitable for meeting the demand from small businesses involved in creative industries together with a range of cultural and leisure activities and events. 1.11 Like the existing market, at any given time, the ‘market’ floorspace dedicated to particular uses/activities will change and therefore the planning application seeks sufficient flexibility to ensure the market is able to operate having regard to these fluctuations. Market stalls and small units are ‘let’ primarily on daily/weekly basis according to the demand expressed by traders on a first come first served basis provided that the nature and the quality of the product being sold meets the market’s strict standards. This flexibility is particularly beneficial to new and occasional traders as it allows them to trade with a minimal initial financial outlay and no ongoing commitment. It allows such businesses to experience the market, gain confidence by speaking to other traders and through the support given by market managers with potential to grow into a regular business. 1.12 Due to the popularity of the existing market, it regularly suffers from congestion and the layout and size of the units does not provide the operator or traders with the necessary flexibility in terms of the provision
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