The owners of Ridley Road Shopping Village have been told to come back with fresh plans if they want to redevelop the site.

Hackney mayor Phil Glanville and business chief Cllr Guy Nicholson met Rainbow Properties chiefs on Monday to discuss the future of the indoor market.

It came after Rainbow had struck a deal to stop the eviction of long-standing traders, whose eviction was due to take place on Friday. Bosses visited the market for the first time to inform traders they didn’t have to leave, although some already had. A protest took place on Saturday over the ongoing situation.

Rainbow has submitted plans to redevelop the building into 10 luxury first floor flats with shops underneath.

Market traders and the 60 plus artists in the studios upstairs had been told to leave after Christmas to clear a path for the work, but it was brought forward after police hit the management company with a Community Protection Notice (CPN) over ongoing anti-social behaviour.

Managers decided they couldn’t afford the security measures police demanded and told traders they had “no choice” but to close early.

After the Gazette broke the news, a huge public backlash ended with Rainbow stepping in to take over management.

Traders will now stay for another six months at least, although Rainbow’s plans would likely be rejected in their current form. Mr Glanville has told bosses to include affordable workspace in line with the council’s requirements.

He said: “Our meeting was positive and they reassured us they will be addressing some the community safety concerns, honour traders’ leases and that similar, affordable provision will be included in their planning application.

“At the meeting we made clear our expectations that the renovation should benefit existing traders and local residents, and we look forward to them submitting a revised application soon.

“While this work continues, Rainbow has confirmed traders will be able to stay well into next year, with the potential to secure a longer term lease in the renovated building.”

Mr Glanville added the shopping village was an important part of not only Ridley Road as a market street but Dalston itself.

He again urged people to take part in the “Dalston Conversation” – a wide-ranging consultation about the future of the area as it continues to be eyed up by property developers who have never heard of Ridley Road.

Guy Ziser, of Rainbow, said: “I would like to thank the Mayor for his interest in this project. I’m pleased to say that we have now taken full control of the Ridley Road Shopping Village and that the indoor market has remained open. We will ensure that the future of the building has both existing and new traders at its heart.”