Utopia Village: Market Tech’s £44m Camden project to lure entrepreneurs
The gentrification of the iconic Camden Market precinct shows no sign of slowing as Market Tech pumped £44m into acquiring the Utopia Village office scheme yesterday.
The firm hopes to use the area’s rough-around-the-edges appeal to attract entrepreneurs.
Located in Chalcot Road, the property sits close to the market entrance, and the new owner hopes collaborations between new technology, fashion, design and other creative industries will be nurtured.
Charles Butler, Market Tech chief executive, said: “As with our recent transactions, we are establishing the foundations to support our strategy to Camden Market and its surrounding area, bringing the markets to a wider global audience and creating an environment where bright new entrepreneurs can grow innovative businesses.”
Butler said he hoped the area would gain a reputation for nurturing talent in the creative industries, similar to the fintech sectors base around Old Street
The investment adds to Market Tech owner Teddy Sagi’s portfolio, which already contains 11 acres of real estate in Camden Town. Sagi has reportedly spent more than $750m (£511m) on properties in the area. Market Tech, which listed in 2014, saw shares close up 0.3 per cent.