Camden Council has taken a decision to sell a long-lease on commercial premises on the ground floor and basement of 24 Warren Street in Fitzrovia, to raise money for its house building programme.
According to a report on the decision the property is currently “under offer on a short lease” at £40,000 per year to a local cafe operator.
“The three upper floors are occupied under two secure residential tenancies. The property is held in the Housing Revenue Account.”
The building was constructed in the 1960s and Camden Council has owned the building as a freeholder since 1979.
The ground floor and basement was used in the early 1980s as an office serving the Fitzrovia Housing Action Area — an initiative to improve the quality of housing in the neighbourhood.
It was later used as a children’s nursery before becoming a beauty salon in the late 1990s. It is currently being fitted out to open as a cafe.
Camden considered a number of options including selling the entire property and relocating the residential tenants.
However it has now decided to sell the ground and basement on “a long lease of 200 years at a peppercorn rent on the open market generating an anticipated minimum gross receipt in the region of £650,000 which supports the capital programme”.
The existing secure residential tenants on the upper floors will remain, and Camden continues to be their landlord.
“Camden will continue to face problems of mixed residential and commercial management. In particular there is always the risk of nuisance being caused between the users,” warns the report.
“Local ward members have been notified of the proposed disposal and no objection was raised. Residents have not been consulted.”
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