Development Securities has agreed a compensation settlement thought to be worth more than £2m with the traders of Oriental City, the Far Eastern shopping mall in Colindale, north-west London
DevSecs, which received planning permission for a £200m mixed-use scheme on the site of the centre last November, had pledged to accommodate the Eastern-themed shops and restaurants in its new development. However, the traders threatened to pursue a judicial review, as they would not have been able to trade during the anticipated three-year redevelopment process.
At today's press conference, which was attended by Oriental City's celebrity supporters, including footballer Ian Wright, DevSecs confirmed the centre would remain trading until May 2008. From 1 July until the planned closure, traders will not have to pay any rent, and a seven-figure compensation package has been additionally awarded.
Yip Fai Liu, chairman of the Oriental City Tenants Association, said it would be 'business as usual' until next May, and that the traders were now considering their options.
The new scheme on Edgware Road will include 300,000 sq ft of retail, 520 homes, and a primary school.