Search

Hackney Council set to buy Sherry’s Wharf Estate from Canal and River Trust

PUBLISHED: 10:20 29 October 2018

The tour starts at Hackney Town Hall

The tour starts at Hackney Town Hall

Archant

Hackney Council is in the process of trying to buy Hackney Wick’s Sherry’s Wharf Estate from the Canal and River Trust.

The trust is selling the freehold of the land because it no longer fits its “investment criteria” and has offered it to the town hall before putting it on the market.

Hackney pays £450,000 a year in rent for the 144-home estate after being hit with a 283 per cent increase on the £158,000 it had been paying until 2013.

Officers, who have advised that the cabinet authorises the deal at their meeting tonight, said: “Whilst the council could take its chances in open competition and hope to achieve a purchase at a lesser price there is every prospect this freehold could sell for much more than the current offer price when exposed to the market.”

It is not known how much the deal would cost the council.

Officers added: “The purchase removes the uncertainty of future rent reviews and represents a long term saving as the existing rent was not fully funded in the 2012 self-financing settlement.”

Latest Hackney Stories

Yesterday, 17:00

The former professional development phase lead coach moved to Barnet earlier this month

Yesterday, 15:00

The 31-year-old will be expected to play a crucial role for Spurs at the Camp Nou on Tuesday

Yesterday, 19:15

An entrepreneur is braving temperatures of minus 40°C and high speed winds to climb the highest peak in Antarctica to raise funds for the charity he founded to combat gun and knife crime.

Yesterday, 14:18

An inventive production of John Masefield’s 30s fantasy children’s novel needs more brutal editing to truly shine

Yesterday, 13:36

Gino Marchese stood in the doorway of his Stoke Newington barber shop, admiring the view. “Still swinging London,” he said.

Yesterday, 13:00

The O’s lost for just the second time in this season’s National League on Saturday

Yesterday, 11:00

The Belgian is aiming to help Spurs qualify for the Champions League round of 16 with a win away to Barcelona

Yesterday, 10:00

Football manager beat actor Emily Atack to win this year’s series

PROMOTED CONTENT

Former teacher Steve shares his experiences as a foster carer for teenagers, from dealing with some of their more challenging behaviour, to the rewards of seeing a child develop into a happy and healthy adult

Education and Training

cover

Read the
Education and Training
e-edition today

Read Now


Newsletter Sign Up

Hackney Gazette twice-weekly newsletter
Sign up to receive our regular email newsletter

Our Privacy Policy

Most read news

Hot Jobs

Show Job Lists