Sovereign Centros and Peveril Securities are to submit plans for a £400m town centre scheme at a former retail park in Hertfordshire later this year.
The duo will put forward a planning application for the redevelopment of Brookfield Riverside, after a development agreement was signed with Broxbourne Borough Council and Hertfordshire County Council.
The Riverside scheme proposes up to 315,000 sq ft of retail, 250,000 sq ft of leisure and restaurant space, 160,000 sq ft of offices including a new civic hub, around 250 homes and 100 assisted living units, a 2,500-space car park and significant public realm improvements.
Chris Geaves, chief executive of Sovereign Centros, said: “The scheme will be a new concept for retail and leisure in an area of the country where there is little competition and a very wealthy catchment of 1.5m people within a 30-minute drive with a market potential spend of £1bn.”
Architects for the project are Lyons Sleeman Hoare. Broxbourne Borough Council and Hertfordshire County Council are being advised by Cushman & Wakefield; Sovereign Centros and Peveril Securities by Knight Frank.
David Williams, leader of Hertfordshire County Council, said: “The Brookfield Riverside project will be transformative and will make an important contribution towards our recovery following the economic impact of Covid-19.”
Ralph Jones, of Peveril Securities, added: “This shows commitment from all parties that, in a time of great uncertainty, there is appetite for the right sites to come forward for large scale development.”
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