The trade press reported recently that property company Navana had acquired 40 properties in the Crystal Palace triangle, including two office buildings and the Haynes Lane market complex. The company’s Chief Executive, Harry Fenner, was reported as saying: “The properties are in an exciting part of London and we believe there is a great opportunity to invest in the portfolio to better suit the needs of local people and newcomers to this vibrant part of London. Many of the plots are underdeveloped and due to effects of coronavirus, there is currently a large amount of vacant commercial space. Two of the multi-tenant offices blocks will be turned into mixed-use blocks, whilst the Haynes Lane site is perfect for a mixed-use development, bringing new energy and diversity to the local area.”
The transaction was stated to be worth £45 million. However, Navana does not appear from its website or published accounts to have been involved previously in any transactions or developments of this size.
Hitherto the Crystal Palace triangle area has been saved from inappropriate redevelopment as a result of this property portfolio being managed passively. The properties’ acquisition by a business with grand plans, but without obvious sources of investment capital, will unfortunately raise concerns amongst residents.