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"Hammerson, Standard Life and Barnet Council are preparing to launch a search for a new development partner for the Brent Cross Cricklewood development to build out the non-retail aspects of the scheme.
"At a Barnet Council Cabinet Resources Committee meeting yesterday [in April 2013] Hammerson and Standard Life agreed with the council to bring in a new development partner for the southern section of the site, enabling the pair to focus on the retail extension to Brent Cross. They also agreed to a phasing plan for the development.
"GVA has been appointed by the council to find the new development partner, and also to explore potential funding strategies to bring forward infrastructure within the regeneration area, including the Thameslink Station. This review will be completed later this month [April] and will be presented to the council later this year. The procurement process is expected to start in 2014.
"The report of the meeting states:
“The council and Hammerson/Cricklewood Regeneration Limited are investigating the best way to secure a development partner to deliver the southern parts of the Brent Cross Cricklewood Regeneration. The council will lead this process with the support of Hammerson / Cricklewood Regeneration Limited."The document submitted to the council suggests that Hammerson and Standard Life’s re-phasing strategy will enable a start on site by 2017 in accordance with the existing permission, and a potential opening date for the extended shopping centre by 2020."
This approach will enable Hammerson to focus on the delivery of the shopping centre at Brent Cross, and the significant infrastructure required to support the comprehensive regeneration proposals.”
Link to Barnet Times:
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