Market Tech Holdings, the company that bought up swathes of Camden, just released its first set of results since its stock market listing in London last December.
In the results, the company revealed radical plans to overhaul one of Camden’s most iconic markets — Union Street Market, also known as Buck Street Market.
One of Camden’s many famous market areas, Union Street is the open-air trading spot on the main drag of Camden High Street just seconds from the tube. The site actually bears the “Camden Market” sign.
Market Tech Holdings, which was formed by Israeli gaming software billionaire Teddy Sagi, wants to overhaul it. The company is planning a two storey market with an attached boutique hotel — a radical departure from the current open-air, ramshackle vibe.
Mark Alper, the company’s property director, says in today’s results: “We believe that the site represents an attractive opportunity for a better redevelopment than the existing permission, offering an enlarged and high quality market area combined with a destination boutique hotel; we intend to seek planning permission for such a development.”
AHMM, the architects whose designs for Google’s new HQ were rejected earlier this year, are drawing up designs for the site and a planning application will be submitted later this year.
Alper and Market Tech Holdings want to attract “higher-value tenants” to Union Street market, rather than the current assortment of cheap t-shirt sellers.
Union Street isn’t the only market in Camden the company is planning to change. Market Tech Holdings wants to “create high quality shopping, dining and working spaces” at Camden Lock Market, which currently houses a collection of old school street food vendors, jewellery stalls and other small scale operations.
And Market Tech Holdings, which is also developing an e-commerce website for Camden’s markets, is launching a 1,000 person co-working space in Camden Stables Market later this year.
In today’s results Market Tech Holdings announced revenue of £30.1 million ($US47.5 million), up from £18.4 million ($US29 million) in 2014. Pre-tax profit jumped from £16.9 million ($US26.7 million) to £44.1 million ($US69.6 million). The profit figure was higher than revenues because Market Tech’s accountants factored in increases in the value of their property.
Chief executive Charles Butler says: “We have already commenced reinvigorating the unique Camden experience and truly believe that this unique c.13 acre real estate opportunity combined with a world-wide integrated e-commerce strategy has created one of the most exciting opportunities in the UK — for retailers and shareholders alike.”