A controversial redevelopment of the historic Smithfield market in London is the 鈥渙nly viable option鈥� according to property consultant Knight Frank
The John McAslan + Partners design for developer Henderson Global Investors has drawn criticism from heritage campaigners, who object to plans to demolish part of the Victorian building.
Henderson鈥檚 plans for the development received planning permission in July 2013.
But in October last year campaign group Save Britain鈥檚 Heritage submitted a planning application for an alternative scheme for the market which involved no demolition of the existing building.
Today, Knight Frank submitted a report to the Public Inquiry on the scheme which concluded Save Britain鈥檚 Heritage鈥檚 plan was 鈥渆conomically unviable鈥�.
Andrew Tyler, partner at Frank Knight, said a 鈥渞efurbishment scheme鈥� would be 鈥渆ntirely unviable鈥�
He said: 鈥淩efurbishment of the existing structure would be very challenging and would ultimately produce inefficient and fragmented space, which would fail to attract sufficient rental income.
鈥淏ased on my experience of dealing with development within the City, the proposal from Save Britain鈥檚 Heritage is a paper exercise and has a number of fundamental flaws in its conception and more importantly finances.
鈥淗enderson鈥檚 development will appeal to occupiers from all sectors of business, including technology, media and telecoms through to financial services, and is clearly viable in terms of producing a positive land value.鈥�
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