Waltham Forest Council obtained the mixed-use property for over £7 million. The Tramworks has two storeys and includes residential units, office accommodation, studios and a restaurant.Firefly Capital’s subsidiary, Hatherley Mews, sold the building in question. Office Stationery from Walthamstow can be used by organisations which buy more space in the area.
The rationale behind the strategy was explained to Property Week by Simon Miller, a local councillor:
“Local authority funding has dropped every year and we now have to look at other solutions so we can continue to fund vital services. The Tramworks is an excellent start and fits our ambitions to grow the local economy and create thriving town centres. It also means we can protect and encourage our new creative quarter.”
Hanover Green and Strettons provided advice which shaped the Tramworks deal. Strettons was also involved in its role of property agent.
Councillor Miller has been really positive about the implications of the purchase. He wants Waltham Forest Council to have a portfolio of assets on which to base a sustainable economic policy. The hope is that the authority may generate millions of pounds from its portfolio in the years to come.
David Bearman, a partner at Firefly Capital, has revealed his pride at having improved the building. He thinks the Walthamstow business community has gained from a collective effort.Get a Free Quote for Stationery