Council seals £4bn Brent Cross deal with development partners
A major regeneration scheme which will provide thousands of new jobs and homes has moved a significant step closer following the signing and sealing of an agreement between Barnet Council and its development partners, Argent Related and Hammerson and Standard Life Investments.
The multi-billion pound Brent Cross Cricklewood scheme will create a new town centre, incorporating 7,500 homes, 27,000 jobs, three re-built schools, redevelopment of Brent Cross shopping centre, new parks and community facilities, an additional Thameslink train station as well as major road and public transport improvements.
The scheme is divided between the redevelopment of Brent Cross shopping centre on the north of the A406 provided by Hammerson and Standard Life Investments* and, to the south of the A406, almost 7,000 homes, a new high street, parks and community facilities provided by a Joint Venture partnership made up of Barnet Council and Argent Related**.
The northern and southern parts of the development will be linked by a new pedestrian ‘living bridge’ across the A406 and will also incorporate new roads, pathways, cycling routes, parks and squares throughout the scheme.
An extra Thameslink station linking the development to King’s Cross St Pancras in less than 15 minutes is being delivered by the council, supported by the Greater London Authority and a £97m government grant.
Leader of Barnet Council, Councillor Richard Cornelius, said: “This is a fantastic opportunity for a major part of our borough to be transformed, creating thousands of new jobs and homes. Securing the agreement signifies our partners’ confidence in the scheme and London’s future. I am sure that together we will be able to breathe new life into this area and create a thriving London neighbourhood which will be a model for the 21st century and beyond.”
Hammerson and Standard Life Investments commented: “As one of London’s key strategic growth projects, we are committed to bringing forward this major regeneration project which will create a vibrant new town centre for North London and will transform Brent Cross Shopping Centre so that it can continue to play its central role in both the local community and to London.”
David Partridge, Joint CEO, Argent Related, said: “This is a scheme which we have been looking to get involved in for a long time – it is exactly the sort of opportunity which brings together Argent and Related’s combined experience in major regeneration. It has the attributes of scale, great transport links and the potential to make an authentic place, and we are looking forward to working closely with Barnet Council and Hammerson and Standard Life Investments to bring it to fruition. Brent Cross is a perfect example of the public/private partnerships which are essential to meet the needs of London, delivering places to live, work and visit – and creating shared value for all.”
The council was supported in the agreement of the legal documents by its joint venture company Re who co-ordinated the delivery of the project, and property advisors GL Hearn, Capita Real Estate, lawyers Gowling WLG and retail advisors CBRE.
Background to the Brent Cross Cricklewood development:
In 2010 Hammerson Standard Life, the Brent Cross Cricklewood Development Partners, secured planning permission for a £4bn masterplan.
In July 2014 revised planning permission was approved to separate the scheme between the north and south of the A406.
In March 2015 Argent Related was selected as the development partner for Brent Cross South, to take forward the future development of the 180-acre area south of the Brent Cross shopping centre, stretching from the North Circular (A406) to Cricklewood Lane, between Hendon Way (A41) and the Edgware Road (A5). Argent Related will work with the Council to develop the site.
In March 2016 the Chancellor reconfirmed a £97m grant to contribute towards the cost of an additional Thameslink station to support the new town centre in the Brent Cross South scheme, which will also be part-funded through a business rates contribution from the Greater London Authority.
Notes to Editors
*Hammerson is a FTSE 100 owner, manager and developer of retail destinations in Europe. Its portfolio of high-quality retail property has a value of around £9.1 billion and includes 21 prime shopping centres, 21 convenient retail parks and interest in 15 premium outlet villages, through its investment in Value Retail and VIA Outlets. Standard Life Investments was launched as an investment management company in 1998. It is a wholly owned subsidiary of Standard Life Investments (Holdings) Limited, which in turn is a wholly owned subsidiary of Standard Life plc. With assets under management of £258.6bn at (31/03/16) Standard Life Investments is one of Europe’s leading investment houses.
**Argent Related, established in 2015, leverages two respected firms’ multi-decade leadership in urban development and placemaking. Argent is the UK developer best known in London for its work on the redevelopment of King’s Cross; Related Companies is a US-based, highly diversified real estate company with expertise across all asset classes, currently undertaking Hudson Yards, the largest private development in American history.