London SE1 community website

The Cave on Bermondsey Street closing down

Join in these discussions today! Log in or register.
Monday 18 May 2015 8.46am
The cave on Bermondsey Street closed down! Such a shame as it was a great shop and such a creative place to meet for a glass of wine. There are a couple of places closing down on the street (Al's Cafe, Vietnamese place) - how can we make sure that Bermondsey Street doesn't become a street full of estate agents and retains its independent stores and restaurants to attract visitors all year long?
Does anyone know what will replace those shops and restaurants?
Monday 18 May 2015 10.06am
I'd imagine rents along Bermondsey Street are pretty astronomical for small businesses to afford.
Monday 18 May 2015 12.21pm
I loved Cave. Steve and the team were incredibly knowledgeable and their window displays were gorgeous. Sad to see them go :-(
Monday 18 May 2015 3.25pm
That is so very sad - Cave's been brilliant and a real part of the street. I reckon we're only weeks away from a ruddy pret. Bermondsey street has indeed become a victim of itself.
Wednesday 20 May 2015 10.56am
Well, we haven't got enough estate agents on B'sey Street, so let's hope we get one of those. That would great addition to this wonderful street.
Wednesday 20 May 2015 11.05am
I think Guy's Street has it right. Although I've not come across Cave, someone mentioned the fact it was closing to me today and cited exorbitant rent as the cause.
Thursday 21 May 2015 9.28pm
I spoke to Steve - land lord has hiked the rent up by 30%. Git.
Friday 22 May 2015 6.56am
Unfortunately it is the case all over London - now that the economy is on the up, landlords are doing all they can to make back what they've lost through cheap rent deals over the last few years.
Saturday 23 May 2015 10.33am
Part of the problem for independent retailers is that it takes an average of 3 years to get established, rent reviews are usually every 5 years so just as you're getting on track, the rent is hiked making your business unsustainable or just yet more very hard work. A lot has happened on Bermondsey Street in that time - White Cube wasn't open 5 years ago, Zucca had only just opened, etc.

I'd assume most of the properties on Bermondsey Street are owned by individual landlords, the majority are going to take the highest rent achievable. I'd hate to see a Pret but they're probably a landlord's dream - high rent, paid on time.

Conversely, landlords often give these dream tenants incentives to move in - Sainsbury's on Bermondsey Square pays a paltry rent - around 23,000 a year, I think - because the developers wanted an anchor tenant. That's around the level (or even less) than some of the local independent businesses are struggling to pay for much smaller units. All rather depressing and inevitable.

To post a message, please log in or register..
We are part of
Independent Community News Network
Email newsletter

For the latest local news and events direct to your inbox every Monday, you need our weekly email newsletter SE1 Direct.

7,000+ locals read it every week. Can you afford to miss out?

Read the latest issue before signing up

Also on the forum
Views expressed in this discussion forum are those of the contributors and may not reflect the editorial policy of this website. Please read our terms and conditions