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 agreements 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.
The team at Gowling WLG which advised Barnet Council was led by Head of Regeneration Richard Beckingsale with support from partners, Sharon Ayres and Christine Jackson, director Sarah Punshon and Principal Associate Kate Cunningham.
Richard Beckingsale commented: "This represents one of the greatest regeneration opportunities in London. Alongside the council, four major private sector partners have committed to invest in the borough and have worked to create a sustainable framework for the delivery of this complex redevelopment project. It has been a privilege to support the Council and we look forward to seeing it brought to fruition."
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.