Ealing council has threatened to issue a compulsory purchase order in Ealing Broadway, to persuade administrators for Nama to safeguard the future of the £500m Arcadia redevelopment.
The council agreed at a cabinet meeting that Grant Thornton, administrators of insolvent developer Glenkerrin, which owned most of the Arcadia site, should sell properties to one party rather than breaking the portfolio up.
Councillors believe having one purchaser of the assets would enable one comprehensive plan to support the regeneration of the town centre, which stretches from Springbridge Road to the Broadway and to Haven Green.
Original plans for the 4.2-acre Arcadia site comprised 567 homes, 200,000 sq ft of shops, and office and leisure facilities.
However Glenkerrin, owned by Irish developers Ray and Danny Grehan, entered administration last year, after it was unable to pay back €650m (£545m) of loans.
At the cabinet meeting, the council said it might support a developer by using its powers to issue a CPO on the properties not owned by Glenkerrin.
Councillor Julian Bell said: “We want the administrators of Glenkerrin to sell the site as one lot. They now know that the council is prepared to step in and use its powers to help secure the best outcome for local residents and businesses, which is a comprehensive development of this important site.”
joanna.bourke@estatesgazette.com
