THE COVENT GARDEN LAND GRAB

BY PHILIP WADE: PART ONE The Tories' decision to give the go-ahead for the wholesale redevelopment of the Covent Garden area brought joy to those sitting in the boardrooms of a select group of property companies, hotel groups and a leading publishing house.

After all, in his January 15 announcement Environment Minister Geoffrey Rippon had given the powertul ory ontrolled Greater Londor Council legal control over almost 100 acres of land right in the centre of London.

When the Covent Garden fruit and vegetable market moves south of the Thames to Nine Elms in 1974, the whole area, with its 17 theatres, could be turned into a concrete monstrosity. Hotels, office blocks, luxury shops and restaurants would spring up where none existed before.

And the reason for the popping champagne corks in those boardrooms was because those companies had the key weapon in the whole scheme: they owned up to 75 per cent of all the land to be developed.

With market price per acre an unreal and incredible £5m —an increase of £3.5m in 18 months - these companies would be in a position to call any tune they wanted.

They knew the GLC-even if it wanted to-could not use the public purse to buy land at such phenomenal prices. And if the plan was to go ahead, it would have to come to some deal with the private developers.

In any case, compulsory acquisition by the GLC would be a lengthy process dragging through the courts in arguments over the rate of compensation.

In other words, the land owners could-if they SO wished - hold up the entire plan for years, reducing the thing to a farce. All the aces were, therefore, in their hands.

The story begins in 1966 when the Labour government announced that London's old fruit. and vegetable market would be phased out and be replaced by the Nine Elms site.

By November 1968 the GLC, with Camden and Westminster councils, published "Covent Garden's Moving'-the first of the 'area draft plans'. For the first time the idea was born of redeveloping not just the 10-acre market site, but another surrounding 85 acres.

The three councils quickly approved the plan as a basis for consultations and discussions with owners, developers and others interested in the future of the area'.

end of 1970 the GLC felt strong enough to submit a request to the government for Comprehensive Developm: int Area (CDA) powers to • 95 acres of central London.

Never before had such an important slice of London or any other major city in Britain been brought into one massive 'redevelopment' plan. It was soon to become a speculator's The plan itself was notable for its concessions both to the private developers and the type of profitable buildings they wanted to construct when two-thirds of the existing structures were demolished.

Under the GLC plan at least five theatres would be demolished. They are the Garrick, the Adelphi, the Vaudeville, the Duchess and the Arts Theatre. Actors and actresses, already facing a savage and almost unbearable 90 per cent unemployment rate, will be further pauperized if the scheme goes through.

In place of the market and the surrounding buildings the GLC plan stated: 'A substantial increase in hotel use is envisaged.' At one end of the Strand, on the site of the Duchess theatre, the GLC saw the need for a speciallydesigned centre for international conferences'.

The GLC has only committed itself to building 1,400 dwellings, confirming that the area was to be turned over to the construction of buildings which would serve the rich.

By early 1971 the developers were moving fast, buying up key sections of land in the proposed redevelopment area. Others who fortunately owned land in the area already also Left to right: Geoffrey Rippon: Gavi Walker: Millions through land and Millionaire merchant banker. Above : office block planned. Right: Adelphi, began to see the opportunities opening up.

They had not exactly been discouraged by the GLC. 'Injection of large amounts of capital into schemes of redevelopment cannot be expected unless there is a reasonable return upon the capital investment. The GLC believes that such returns are possible to both public and private sectors,' says "The Next Step'.

The GLC proposes to acquire about 24$ acres within the CDA boundaries and add it to about the 10 acres already owned by local authorities. What are they intending to do with this land?

Says the plan: ...So much remains after making provision of the total 34% acres for necessary public amenities and service should be disposed of for development.' With the hand of open friendship being extended, it was not surprising the developers rushed to buy up the land.

It was almost the understatement of all time when the GLC plan declared at the end: 'The council is confident that development agencies will take up substantial areas involving : go-ahead for the scheme. Peter ecurity deals. Edward Du Cann: Demolition at Odhams Press. Big one of five threatened theatres. several million pounds worth ol building works, it they are given the opportunity (!).' Yet at the beginning of its document the GLC boastfully stated: 'The plan proposes to provide a framework within which pressures for change can be controlled in the public interest.' One can only assume that from the way things have shaped up in Covent Garden, the 'public' will be presented with office blocks, hotels and luxury shops.

There may be 168,000 people on London's housing waiting list alone. Will they benefit from the plans of Metropolitan Estates Property Company or Reed International, which publishes the 'Daily Mirror', , to name but a few?

Part of the plan involves the widening of Charing Cross Road on each side to carry eight lanes of motor traffic. Up and down the street the property companies have bought various patches of land.

If the GLC wants to widen its road, it is going to have to do some deals with these companies. And don't forget, that's how Centre Point came to be built in the first place.

¡ ADELP "A CHUNK OF MUSICALI SHOW BO SHOW BOALETE VARDAT HOW BOATH HOW BOAT H W BOAT HO W BOAT SHOW BOAT SHOW BOAT SHOWBOAT SHOW BOAT CELESICAL A FETIME DAILY NIG 00000 hursday Covent Garden area—the 3.2acre former Odhams Press site in Long Acre where the 'Sun' was once printed.

Proposals for the site are for an office development of some 300,000 square feet, 90 private flats and 30 flats for the council. So far no office development permits are through for the scheme. Demolition, however, is almost complete. Cecil King's old firm, cor International Publishing poration, took over the site when it bought out Odhams Press. And when paper manufacturers Reed's took over IPC they found themselves sitting on a valuable property portfolio.

The several properties in the Holborn and Covent Garden area were then valued at £36m. Don Ryder, chairman of Reed International, as the new group was to be known, could see it needed expert hands to realize the development potential from the sites.

So he formed a joint comDaley with the Metropolitan Estates Property Company, the latter holding the majority interest in the venture. It paid A statement issued by the joint company declared: It is envisaged that the properties