In a decision approved at an Enfield Council cabinet meeting on Wednesday April 23, Deutsche Bank will be granted a new 250-year lease of Palace Gardens Shopping Centre in Enfield Town.
The extended lease from the council will allow for “growth and enhancement” of the site by Deutsche Bank, which had previously been hampered by complexity around the previous lease arrangements.
Cllr Tim Leaver, deputy leader and cabinet member for finance, said: “The new lease itself is favourable to us in terms of income stream, which is great, but it’s not just about the money, it’s about the place.
“This actually allows us to see development within Enfield Town and this moves us to having a town that hopefully will see high quality, low carbon development, new homes, work spaces and public amenities.
“This of course aligns with our ambition for growth and enhancement of the public and cultural realm for Enfield, so it’s a great outcome. Having an organisation invested in the borough will make a big difference.”
Cllr Chris James, an associate cabinet member, asked what safeguards are in place to ensure future development benefits local people.
A previous Deutsche Bank proposal for a 26-storey tower block at Palace Gardens was ditched after opposition from residents and MPs five years ago.
But Cllr Leaver said the new lease structure allowed any development to be aligned with the council’s town masterplan.
He said: “That was important to us. That was to ensure the community benefits, that we get the environmental standards we’re looking for. It’s about long-term viability over short-term profits.”
Cllr Sabri Ozaydin, cabinet member for climate action and placemaking, asked how existing retail tenants at Palace Gardens will be affected.
Cllr Leaver said he didn’t expect any “immediate change” for tenants and that the lease just allowed “better long-term planning”.
James Raven, interim director of property at the council, added: “One of the keys for retailers is there are neighbouring retailers. If you have a whole new development with no retailers, you start from zero, major retailers will only come if there are neighbouring retailers for them to be with.
“This will potentially stop retailers leaving, which we’ve seen in the press, and it will ensure more will come to us.”
Jennifer Lee, the council’s principal asset manager, added: “The current units are too small for modern retailers so this will support their needs.”
