Hundreds of London railway arches to be opened after Network Rail’s £1.46bn sale
The new owners of over 5,200 properties following Network Rail’s £1.46bn sale of commercial property portfolio have announced plans to invest in reopening up to 430 of the empty arches in London.
Adam Dakin, the managing director of one of the successful property investors Telereal Trillium told the Evening Standard that there were 930 vacant railway arches across England and Wales, and that he wants to look at reopening swathes of the 430 that are located in London.
The company, along with Blackstone, yesterday won the bid to buy 5,200 properties, including over 4,000 railway arches and have tried to calm tenants fears over rental hikes.
Network Rail’s decision to sell of the assets were met with considerable backlash in June when Guardians of the Arches, an action group set up to combat the plans to sell the arches to private firms, said they were under “huge pressure” from Network Rail, with some businesses operating in the arches forced to close already due to rent prices. Hundreds of London railway arches to be opened after Network Rail’s £1.46bn sale