Pulling Spitalfields plans cost Time Out £1m

Time Out’s decision to abandon plans for a Market site on Commercial Road, E1, cost the media and hospitality company £1m in impairment charges. The group pulled its plans for a 20,000 sq ft-plus food market in London’s Spitalfields in February, citing the drawn-out planning approval process. The company’s proposals for 106 Commercial Road, E1, included 12 permanent kitchens “of fine dining standard” in a Grade II listed, disused office block. While plans were recommended for approval by Tower Hamlets’ development committee last July, a decision at the relevant meeting was deferred ahead of another site visit. The scheme was then not brought back in front of the committee. The company withdrew its plans with the support of landlord Truman Brewery. But Time Out chief executive Chris Ohlund said the overall Market strategy was going well. “Our open Markets continue to grow, and we contracted five new sites in the year as interest from real estate developers remains strong,” he said. “The portfolio includes six open and nine contracted sites, with more in the pipeline – in a few years, it will more than double in size.” To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews Photo by Stephen Lovekin/Shutterstock