Tottenham people trying to buy their local pub have had their bid rejected by the pub’s owner - despite reaching their fundraising target.
The Antwerp Arms Association raised enough cash to offer the current owner of the Antwerp Arms the market value of £275,000 for the property.
However, Hinterwill Ltd, which currently owns the business, says the property is actually worth £500,000 as an investment property.
Land Registry records show that this is significantly more than the property was purchased for.
The building has Asset of Community Value status, meaning that it can only be used as a pub unless that is proved to be financially unviable.
Hinterwill intends to convert the building into flats, despite not having planning permission to do so.
As there is no current planning permission to change the use of the building, an independent surveyor priced the pub as a retail property, setting the figure at £275,000.
Ashley Grey, of the Antwerp Arms Association, said: “We’re disappointed, obviously, that our offer has been rejected, and the response from the developer implies that he still intends to pursue his quest to turn the property into housing, which we will oppose.
“We think half a million pounds is a ridiculous price. Our independent surveyor has given us the recommended retail value of the Antwerp as it stands at £275,000.
“As a community benefit society we should not be paying over market value. We have to purchase with the interests of the 320 shareholders that are supporting us in mind.
“We’re determined to keep it open for Tottenham’s residents, producers and creators. This is one of the last pieces of Tottenham heritage left and we’re not giving up without a fight."
The Association has the full support of the Tottenham Hotspur Supporters’ Trust, which says the pub is important to Spurs fans.
THST board member Ellie Kershaw said: “We hope the current owner sees sense and we encourage all Spurs fans and any users of the pub to write to David Lammy and ask for his support in the matter.
“If such time comes when a planning application is made to turn the pub into flats, we urge the planning committee of Haringey Council to turn it down.”
The owners of the pub, Hinterwill Ltd, were unavailable for comment at the time of writing.