Rental Income from Buck Street Market NW1 and where the revenue will be spent
Request ID: FOI-0886-2425 Date published: 04 July 2024
You asked
Please advise what the rental income is from the Box Park operator on the Buck Street site in Camden Town.
Specifically I would like to know the following:
1. what is the rental income to TfL per annum?
2. what is the length of the lease to Box Park?
3. what will the revenue generated be spent on?
4. Will it be ringfenced for the Camden Town Underground Station redevelopment?
We answered
TfL Ref: FOI-0886-2425
Thank you for your request received by Transport for London (TfL) on 17th June 2024 asking for information about rental income from Buck Street Market, NW1. Your request has been considered in accordance with the requirements of the Freedom of Information Act and our information access policy.
I can confirm that we hold the information you require. Your questions are answered in turn below. For context, note that in 2023, Places for London – our wholly-owned property company – acquired Buck Street Market and earlier this year appointed BOXPARK to operate the Market on its behalf. As operator, BOXPARK is responsible for the day-to-day operation of the market for an agreed management fee.
Question 1. what is the rental income to TfL per annum?
Answer: The information is exempt from disclosure under section 43(2) of the Freedom of Information Act, the exemption that can apply to information that would prejudice commercial interests. As a ‘qualified’ exemption, the use of section 43(2) is subject to consideration of the ‘public interest test’, to determine whether it is in the greater public interest for the exemption to apply and the information to be withheld, or for it to be released in any event. We appreciate the need for openness and transparency in the operation of our business, and the fact you have requested the information is in itself an argument in favour of release. However, as a largely publicly funded authority we have a responsibility to secure the best value for the public purse, which includes ensuring that we do not prejudice our ability to draw the best value from similar assets across our estate. When information is released under FOI it is deemed to be to the world at large rather than the individual applicant. With this in mind, in this case we believe that the greater public interests rests in the exemption applying, to ensure no prejudice takes place when negotiating similar contracts in the future.
Question 2. what is the length of the lease to Box Park?
Answer: There is no lease agreement between Places for London and BOXPARK.
Question 3. what will the revenue generated be spent on?
Answer: Any net recurring income generated by Places for London is paid as a dividend to Transport for London (TfL). TfL will then determine what projects to fund, including the Camden Town Upgrade Programme, as part of the annual Business Planning process. Our current Business Plan can be found online here: https://tfl.gov.uk/corporate/publications-and-reports/business-plan
Question 4. Will it be ringfenced for the Camden Town Underground Station redevelopment?
Answer: No, the income from the market will not be specifically ringfenced for the Camden Town scheme.
If this is not the information you are looking for please do not hesitate to contact me.
Please see the attached information sheet for details of your right to appeal as well as information on copyright and what to do if you would like to re-use any of the information we have disclosed.
Yours sincerely,
David Wells FOI Case Officer FOI Case Management Team General Counsel Transport for London
