The area in London’s Camden around the Regents Canal has for many years been associated with creativity and independent thinking. Camden Lock Market is renowned for its eclectic mix of fashion and food. Channel 4 was born at ‘egg cup house’ on the canal and broke the mould of TV in the UK, while legendary music venue, Dingwalls, was one of the crucibles of punk rock.
Now, Labtech is planning a suitably revolutionary new market destination for shopping, eating, living and working at Hawley Wharf Camden. This extraordinary scheme comprises 150 stores, three rooftop restaurants, more than 60 new places to eat and drink together with 60,000 sq ft of LABS co-working space and 200+ apartments.
There are already about 28m people who visit the Camden Lock area each year, but a large proportion of those are tourists. With Hawley Wharf, Labtech want to create a destination that will also draw Londoners again and again.
The retail and F&B emphasis will be on originality and freshness. The developers are extending this ‘thinking outside the box’ to the lease terms which it’s envisaged will comprise a minimal or no base rent with the majority of the rental income being linked to the retailer’s turnover in the store. This is extremely attractive to start-ups and brands exploring new markets as it minimises their financial risk of taking a shop. Conversely, if they end up trading tremendously well, it provides enhanced income for Labtech.
This alignment of interests between property provider and occupier will become increasingly commonplace in the retail and F&B sectors and the Hawley Wharf project will be a fascinating test bed for this – as well as creating a brilliant new destination in London.
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