Heritage – 15 Hoxton Market, London N1 6HG
18 July 2026(2026 July: LinkedIn) In Hoxton Market, London N1 6HG, whose neighbouring streets were/are multi-storey warehouses and workshops, is a three-storey building whose ground floor and basement were let to a carpet warehouse. A market had existed since c17, but disbanded before I became involved with the property. I first got to know about it when the landlord contacted me for advice. I do not know how the building came to be owned by the client, but in those days Hoxton Market was a scruffy place that had seen better days.
In common with other run-down areas of London that would one day becme trendy, when I did the probate valuation, the District Valuer (HMRC) disagreed with my opinion. The DV was convinced I had undervalued the potential. In discussion with the DV, we agreed that Hoxton Market had potential, but when would it materialise? We compromised, I managed to reduce the DV figure a little, making extra tax payable slighly more bearable.
When the carpet warehouse lease expired, the tenant not renewing, time to find a new tenant. Two offers: one from a small cafe in the area, the other from a young keen Greek – later known as the chef who taught the English to taste authentic Greek flavours, apart from moussaka and taramosalata.
On paper the cafe was the obvious choice, but something about Theodore Kyriakou’s offer I recommended giving a chance. I do not have my old file to hand to check whether he had another restaurant or if this ground floor and basement were to become the first of several “The Real Greek” restaurants, but him being guarantor to his company, paying a rent deposit, and financially-savvy backers for his venture was enough to convince.
Like all good ideas that are spot-on at the time, the concept proved to be a roaring success. It wasn’t long before 15 Hoxton Market became too small to cater for demand. Expansion took the restaurant into an adjoining building and a different landlord and for while I acted there as well, until inconsistencies I’d found between what was charged and in the lease led to an irreconcilable difference in opinion, I resigned. Media articles, TV and radio interviews and by then Hoxton Square potential materialised and firmly on the map, LiveBait t/a The Real Greek was subsequently acquired by MeatTailer.
Let at £25,000 pa to begin with, when I did the first rent review in 2004, the advisers had taken over and the landlord’s looking forward to a rent uplift resisted by the usual spurious reasoning. It took a while to get an increase to £38,000 pa and even longer for my interpretation the tenant be responsible for my fees, but we got there. By 2014, I’d got the rent up to £46,000 pa.
I’d been managing agent throughout the lease, collecting the building insurance premium, but on expiry my answer to a question on what do was misunderstood so my original client’s children did the renewal themselves. I gather they’d had to accept the reality then of a downturn in the market.
Looking this afternoon on Instant Sreetview at the frontage, painted bright red, I think the blue paint in my day was more tasteful.
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