Hornsey Town Hall sale February 2025
A couple of significant changes to report at the Town Hall. FEC, the developers of the site, have sold the building on to another overseas based company, AMTD. A press release, dated today, has been issued (below). To what extent this is a ‘partnership’ rather than a straightforward sale (as reported by the HK Stock Exchange) is unclear. Haringey council, as landlord, do have a duty of due diligence, but there is little in the lease conditions that would hold things up. It seems that as soon as the development Practical Condition is achieved (presumably soon), the building will move into the new ownership.
For those interested the price (not including the residential estate which itself runs over £100M), is £22,656,000 for the hotel section of HTH, and £24,544,000 for the public halls etc. A whopping £47 million in total.
Taken with the departure of long-standing arts operator, Time+Space, and their replacement by General Projects, this all represents something of a last minute twist to the decades-long saga. We wish the new stakeholders well, let’s hope they can move forward with considerably more vigour than of late and get the place open.
See also Hornsey Town Hall January 2025 update.
FEC’s Press Release:
FEC commits to future of historic Hornsey Town Hall through strategic partnership with AMTD
(26th February 2025 – London) – Far East Consortium International Limited (“FEC”), has agreed a strategic partnership with AMTD IDEA Group (“AMTD”; NYSE: AMTD; SGX: HKB) to drive forward the future of the historic Hornsey Town Hall.
Through this deal, AMTD will help raise the Town Hall’s profile through its establishment and credentials in the arts, fashion and entertainment sectors across the globe.
Since entering into the Development Agreement for Hornsey Town Hall in February 2017, FEC has worked tirelessly to safeguard the future of the building and was successful in having it removed from Historic England’s ‘Heritage at Risk’ Register.
In December, FEC achieved practical completion of the affordable housing element of the scheme, which has now been handed over to Haringey Council.
Today, the site offers a 68-room aparthotel, operated by Dorsett, extensive public realm used by the local community for events and recreation, and 146 residential apartments. The hotel will be named Dao by Dorsett AMTD Hornsey.
Works are also well progressed to bring forward a new arts centre that will provide spaces for the community to utilise and further support initiatives within the Borough. AMTD’s global expertise in the art and culture area have been key to the agreement of the strategic partnership.
An existing strategic partner of FEC for DAO by Dorsett AMTD in Singapore, the AMTD is also the owner and global operator of L’Officiel – a renowned global fashion media company with over 100 years of history and presence in over 30 countries – and The Art Newspaper – a world leading and authoritative art media company that has covered the international art world since 1990, and enjoys a world renowned reputation as the journal of record for the art world and the bible of the art industry. Its unrivalled news and events coverage is fed by a network of international editions, connecting with more than 50 correspondents working in more than 30 countries.
Also a specialist in film production, AMTD plans to support the London Borough of Haringey to unlock further opportunities and enable cultural diversities and creativities as it moves towards its Borough of Culture Status in 2027.
AMTD will work closely with FEC and other existing partners and new partners to ensure that the arts centre and other community uses are brought forward.
ENDS
For UK enquiries, please contact: Francesca Kilby | fec@citypress.co.uk | +44 (0) 7535 390 007
About Far East Consortium International Limited
Far East Consortium International Limited (“FEC”, together with its subsidiaries, the “Group”) has been listed on the Hong Kong Stock Exchange since 1972 (HKEx Stock code: 35.HK). The Group is mainly engaged in property development, property investment, hotel operations and management, car park operations and facilities management, gaming and related operations, securities and financial product investments and provision of mortgage services.
The Group adopts the diversified regional strategy and the “Asian Wallet” strategy with business covering Hong Kong, Mainland China, Australia, New Zealand, Malaysia, Singapore, the United Kingdom and other European countries.
The company’s proven 50-year track record has resulted in the development of significant residential and hotel space throughout the Asia Pacific region, with the company’s global portfolio now valued at over £6.3 billion, of which £1.1 billion is contributed to its UK projects.
In the UK, FEC specialises in homes for open market sale, alongside hotel development, and aims to create high quality residential developments and hotels across London, Manchester and other key cities.
The company has several mixed-use developments in the pipeline across Manchester and London and will play a key role in the regeneration of Manchester’s Victoria North, one of the largest regeneration projects in the UK.
About AMTD IDEA Group
5 Comments
Hi Mark, what does this mean to a remaining flat occupier waiting for HTH to be opened before I can move in? Have you any update? Please share if so. Thank you, Lee
The sale is just the HTH building itself, so on that score no impact. However, I would imagine FEC are keen to get out of the whole estate as quickly as possible, so one hopes any remaining issues concerning the flats, and any remaining sign-offs by council Planners will now be pursued with a bit more urgency.
I’ll see if I can get something more concrete.
You’d like to think so yes, fingers crossed. Thank you Mark that would be great if possible, much appreciated!
HI Mark,
I have now written three times to the relevant Councillor at Haringey asking if the original agreement included any penalty clauses (e.g. for not meeting the agreed deadlines for the opening of the Arts Centre.)
First email: no reply. Second email: a referral to Peray Ahmet’s statement … which makes no mention of any penalty clauses. Third email: no reply. I have also written to Catherine West asking for her support in accessing this information: no reply.
If penalty clauses had been written into the original agreement with FEC surely – with a delay of three years for the opening of the Arts Centre – the landlord / freeholder, Haringey Council, would be able to apply the terms and claim financial compensation.
Do you know if any such clauses were part of the original agreement? With thanks.
BB
Hi Brian.
Yes, I believe penalty fines were identified in the Development Agreement at a rate of £10,000 per week, calculated from the agreed Long Stop date for Practical Completion. I may of course be wrong. Working back through unconditionality and commencement dates, by my calculation the Long Stop date would have fallen at the end of December 2021 but again, don’t quote me.
In any event a six month delay for PC is permitted, and significant added delay factors would have followed the pandemic. However, that no penalty has been paid for the last year or so is harder to understand. I believe the developer has repeatedly gone back to Haringey with excuses, which were accepted.
I guess Haringey reckoned that keeping the show on the road, without expensive and delaying legal challenges, was in everyone’s interest. Though in hindsight maybe the fines ought to have been levied.
Just my view on things of course.
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