Business rates freeze for traders hit by station closure
24 February, 2017
Finsbury Park station
TOWN Hall chiefs have won a business rates freeze for traders affected by the controversial three-year closure of the Wells Terrace entrance to Finsbury Park station.
Rates for businesses in Fonthill Road, the neighbourhood’s “fashion village”, will stay the same for five years from April, while those in Wells Terrace and Clifton Terrace will get a 10 per cent reduction until the entrance reopens in two-and-a-half years’ time.
The entrance shut in July last year as part of a major upgrade of the station, which includes new lifts giving step-free access to platforms and a larger entrance.
The overhaul is being carried out in conjunction with the £220m City North development, which will see 355 new homes, a multi-screen cinema, health and fitness club and restaurants built in Fonthill Road.
John Arpaci, secretary of Fonthill Road Traders’ Association, said: “I feel like it was our god-given right to get the rates frozen.”
He said that some traders in Wells Terrace and Clifton Terrace regarded the 10 per cent cut as “a bit of a joke”, adding: “The closure of the Wells Terrace entrance at Finsbury Park has had a devastating impact in terms of footfall.”