The Buy Back Brixton group, comprising the Brixton Traders and Community Association (BTCA) and Advocacy Academy, has been named the preferred buyer for Brixton Village and Market Row. The group now has six months to raise £50m to acquire the sites.
An agreement has been reached with the current owners, TPG AG Real Estate and Hondo Enterprises, to complete the purchase within the specified timeframe. The group's bid was selected over those from commercial developers.
To date, Buy Back Brixton has secured £6.5m in pledges and crowdfunded more than £579,000. The group plans to seek remaining funds from trusts, foundations, institutional funders, investors, and public fundraising.
The group has an initial eight weeks for due diligence and contract exchange, followed by up to four months to raise the necessary funds. Buy Back Brixton aims to develop a community-led and democratic future for the markets, which are home to independent traders, family businesses, restaurants, shops, food stalls, and bookshops.