Cricklewood in north west London is set for a multi-million pound regeneration boost following the signing of a section 106 agreement for the Brent Cross Shopping Centre redevelopment.
The agreement between developers Hammerson and Standard Life Investments and the local council and London mayor Ken Livingstone will kick-start the first phase of the regeneration programme.
The deal was signed after the developers increased the size of the funding package from £35m to £42.5m. The additional money will be spent on a bridge linking Brent Cross with Cricklewood.
Peter Cole, Hammerson’s development and acquisitions director, said: “The cooperation agreement will kick-start the essential first phase of the regeneration process, with the new international standard bridge creating a visual symbol of the renaissance of the Cricklewood area.”
Hammerson and Standard Life are working on a development framework for the whole area with Barnet Council and Cricklewood Redevelopment, Hammerson’s other local joint venture (with Pillar) that is redeveloping Cricklewood goods yard site.
In December, Hammerson and Standard Life scrapped plans for a 290,000 sq ft (27,000 sq m) extension to Brent Cross shopping centre in favour of a more ambitious mixed-use scheme totalling 1m sq ft (92,900 sq m).
A decision on Brent Cross’s outstanding planning application for 290,000 sq ft (26,941 sq m) of retail is anticipated from the secretary of state within the next few months.
Hammerson and Standard Life have agreed not to develop more than 50% of the retail application until other mixed-use development is constructed at Brent Cross.
References: EGi News 21/05/03
