Barnet Council has formally approved the launch of a search for a partner to develop one of London’s largest brownfield development opportunities, the Brent Cross Cricklewood South site.
The council has agreed a commercial deal that will see Hammerson and Standard Life Investments transform Brent Cross Shopping Centre with new shops, restaurants and leisure, deliver major infrastructure and transport improvements to the local area, as well as new parks and green spaces, while the council jointly develops land to the south of the north circular road (A406) with a third party. The Council expects to announce its shortlist of potential developers at the end of September.
Work on the phased rebuilding of the shopping centre is set to begin in 2016. Outline planning permission for the redevelopment of the whole site was granted in 2010, and updated earlier this year.
Re, the development and regulatory services joint venture between Barnet Council and Capita, will now facilitate the development partner search on behalf of the council, supported by Capita’s property and infrastructure business. An OJEU notice will be posted in the Journal of the European Union on Monday 21 July, with a Bidders Day for potential developers held in central London on Wednesday 23 July*.
This is a rare and exciting opportunity to create a new London town centre with homes and major transport links, and it is already attracting a great deal of interest from all over the world. We invite all interested parties to contact us for more information.
Director of development consultancy and agency, Capita
The Chancellor of the Exchequer announced his support for the creation of a new mainline railway station at Cricklewood in his budget speech this year. This will put the site within a twelve minute journey time of Kings Cross and give direct links through the City of London.
The Section 106 agreement for the shopping centre development is one of the largest the UK has ever seen with Hammerson and Standard Life committed to a major investment into the road, public transport, pedestrian and cycling infrastructure, including a new pedestrian and cycle bridge over the North Circular, connecting the areas to the north and south of the road properly for the first time.
The area to the south of the North Circular has capacity for 7500 new homes and the whole regeneration area has the potential to support up to 20,000 jobs in 450,000 sq m of commercial space.
The first stage of development is likely to see some 2,000 new homes built and 17,500 sq m of new retail space created to the south of the new pedestrian bridge, forming the heart of the new town centre.
Richard Cornelius, Leader of Barnet Council said: “We do not intend to ‘take the money and run.’ It is important to this council that we create a living, thriving neighbourhood with a real sense of place. We want to create a new town centre that will set the standard for developing successful new neighbourhoods in London, and we are looking for a developer with the ability to deliver that vision.
The Mayor of London, Boris Johnson, said: “London’s population is set to soar to ten million by 2030 and the scale of the challenge in providing the infrastructure to cope with that increase is not to be underestimated. I am developing a long-term plan for release later this summer that will aim to meet that challenge head on. Key to the plan are schemes like the one at Brent Cross, which as one of our largest brownfield development sites, has the capacity to deliver thousands of new homes and jobs, but only with investment in a new Thameslink station at Cricklewood. We have been working closely with Barnet Council to achieve this and fully support their work to find a developer and get the station built.”
* Developers wishing to attend the Bidders Day on 23 July should contact Capita’s real estate team on +44(0)20 7544 2000
Find out more about the Brent Cross Cricklewood regeneration project at http://www.brentcrosscricklewood.com
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