Sunday, 14 October 2012

Hackney's development is not just a local concern

According to an article in the Financial Times Hackney Council is "teaming up with landlords, architects and property developers to mastermind a 'fashion hub'..." building on the success of the Burberry factory outlet in Chatham Place.

The target, it seems, is Chinese cash. The article said many of the 600,000 shoppers per year who visit the Burberry store are Asian. But Councillor Guy Nicholson, Hackney council cabinet member for regeneration said: "Pretty much none of those visitors remain and start to engage in the local economy in any way."

However a sales plan for Barratt Development's Dalston Square (above) suggests that some Chinese cash is already engaged in Hackney's local economy. (Mentioned here in 2009)

An article in the South China Morning Post also suggests the Dalston Square sales pitch to Chinese investors might have used some poetic licence.

So while everyone in Hackney is keen to engage visitors in the local economy, it looks like there might already be some property investors from Hong Kong who want the same thing too.

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