By Jonathan Davies

The regeneration of 'super-rich ghettos', like a derelict site in Shoreditch, will be the end of Tech City, according to resident entrepreneurs.

The Bishopsgate goods yard in Shoreditch is set for a £800m development to build flats. But local entrepreneurs are against the plans, claiming it would 'kill' startup growth.

Entrepreneurs said existing Tech City businesses will find it difficult to grow and the development will discourage new firms from setting up in the area.

Ben Southworth, former Tech City deputy CEO, who set up the Tech City Says No campaign, argued that: "The flats would create a ghetto of the super-rich and overseas investors in Shoreditch with the flats selling for up to £1.5m and creating their own residential micro-economy.

"This is not what we want this area to become." Southworth accused the developers of being "short-sighted" and "wilfully ignoring the needs, desires and aesthetics of the local area."

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