office workers.” The first of the big property bonanzas, the Euston Centre whetted
Levy’s appetite. And as the conscientious members of the Tolmers Square
Tenants Association were busy fighting in the Camden Council for the tenants
down the road who were being displaced by the new massive high-rise tower,
Levy and Stock Conversion were buying up their houses, literally under their
noses, to do to Tolmers Square what they had done with Euston Centre.
25
Levy hadn’t gotten rich because he was lucky, and now the same acute
developer’s nose had led him once again to a practically assured gold mine.
Tolmers Square had originally been built in the nineteenth century for the middle
class, an almost complete, oblong circle of dark brick four-tiered Victorian
terraced houses surrounding a church. Soon, however, it was taken over by the
working classes, and when the main-line terminals of St. Pancras and Euston
displaced thousands of residents toward the end of the nineteenth century,
overcrowding and prostitution turned the area into one of London’s worst
residential slums. Heavy bombing during World War II, though, combined with
rising health standards and—with the expansion of Euston Station—the
encroachment of industry, commerce and offices, led to a population drop from an
1870s level of more than five thousand to just above one thousand in 1970. It was
then that the Tory government attempted to stimulate the economy by letting the
bank rate fall from 8 precent to less than 5 percent, resulting in a flood of capital
into property. By the beginning of 1973 the market valuation of property
companies in Britain was £3.6 billion, more than the entire gold and dollar
reserves of the United Kingdom. With its run-down porticos and leaky pipes,
Tolmers Square had little present value, but Levy’s nose didn’t fail him: Just half
a mile to the north of Oxford Street, with Soho and the theater district just beyond,
east of fashionable Primrose Hill, and only a few minutes walk from Regent’s
Park, Tolmers Square and its North Gower, Drummond, and Euston Street
environs would fetch at least three times the rent for office rather than residential
space, and considerably higher than for office space in other parts of London. It
was a speculator’s jackpot.
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But if the population had dwindled, there were still people living in the
neighborhood. Attracted by the cheap rents and proximity of employment,
besides a core of longtime English working-class homeowners, a constantly
changing population from many nationalities had turned Tolmers Square into a
colorful pageant. There were Cypriots and Maltese, Irish, Indians, Pakistanis,
Bangladeshis, and Ceylonese. The Italians were especially proud that the former
resident of 187 North Gower Street, Giuseppe “the Patriot” Mazzini, had once
lived there; the Muslim Asians were proud of the newly built mosque, and the
Indians were proud of the five Indian restaurants and the neighborhood’s new
nickname, “Little India.” There were chickens in some small backyards, pecking
beside the many outhouses. There were old Georgian terraces and quaint
Victorian pubs. Amid the tumult and hustle and bustle of Euston Road and the