Brixton Village has been designated as an asset of community value, giving it extra legal protections amid concerns over its future after the site was put up for sale.
The decision, announced by Lambeth Council, means the community has the right to try and buy the site, alongside Market Row, which is worth an estimated £50million.
It comes after traders raised concerns after the site went up for sale, with one bookshop owner warning that a takeover could change Brixton for the worse.
A petition was launched by members of the local community opposing what they described as the possibility of “private equity developers” buying the shopping areas.
Campaigners said a sale could lead to rent increases, evictions and the “permanent loss of culture that makes Brixton Market what it is.”
The petition was signed by more than 38,000 people and more than £563,000 was raised by the community.
Lambeth Council leader Councillor Martin Abrams said the decision to make Brixton Market as an asset of community value was a major step in protecting the area’s heritage.
“This is a once in a generation opportunity for community action to ensure this cherished local asset is held in local hands. I’m thrilled that, by approving this application, our administration has given the community this opportunity,” Councillor Abrams said.
The application for asset of community value status was submitted by Stour Trust, which supports campaigns linked to buildings and community spaces.
The status does not prevent a sale from taking place, but it gives local groups six months to put together a bid for the site.
In 2018, the market was bought for £37.25million by property investment firm Hondo Enterprises and private equity company TPG Angelo Gordon.
It is understood that TPG Angelo Gordon received multiple bids for the site ahead of the June 22 deadline, including one from the Buy Back Brixton campaign.
