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Old January 19th, 2020, 06:09 PM   #1
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Finsbury Square redevelopment | Islington | Pre-planning

A proposal has been put forward by Hondo to convert the existing Finsbury Square carpark into a mixed-use development. In exchange for permission, Hondo will regenerate the above ground square. It appears to be early days but the report mentions the need to move fast due to break clauses in a very complex leaseholder arrangement. Unfortunately, the CGI images mentioned in the report are not for public release.

The Hondo proposal was first suggested to Council officers in 2017 and could potentially lead to the regeneration of Finsbury Square and convert the car park into commercial, retail and leisure use at no cost to the Council, including the restoration of the open space. This scheme represents a potentially viable opportunity taking into consideration the complex property and legal arrangements associated with the site. Following the steer given by the Task and Finish Group, officers have been in discussion with the leaseholder of Finsbury Square regarding their development proposals and the potential for a revised lease with the Council.

Now, as well as the underground conversion, it is understood Hondo would restore the open space at no cost to the council.

A report states: "Finsbury Square is in need of attention given its poor condition and the impression that creates in the context of its location close to the City.

"Officers recommend taking the proposal forward as it represents the most realistic option for the council to achieve its objectives of improving Finsbury Square and generating increased income whilst representing an acceptable level of risk to the council."
Executive Report Pre-Tender
Islington Gazette Article


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