[Reposted] Shock Brent Cross 'Living Bridge' Design over North Circular, by Hammerson: "We'll need to do a 'Section 73' with Barnet"

Link to BBC web site

"Guidance Notes for an Application by Hammerson for removal or variation of a condition following grant of planning permission for Brent Cross Cricklewood (since we ain't ever gonna build it all, and really, we were only ever interested in the retail; we can sell off all the other parts with a bit of luck, although will their valuation reflect on them having credible planning permission?)"

"Planning conditions are often applied to the grant of planning permission. These limit and control the way in which the planning permission may be implemented. Conditions may be imposed on the grant of planning permission for regulating development or use of any land under the control of the applicant, requiring the carrying out of works on any such land, the removal of any buildings or works authorised by the permission, or the discontinuance of any use of land so authorised, at the end of a specified period, and the carrying out of any works required for the reinstatement of land at the end of that period.

Section 73 of the Town and Country Planning Act 1990 allows applications to be made for permission to develop without complying with a condition(s) previously imposed on a planning permission. The local planning authority can grant such permission unconditionally or subject to different conditions, or they can refuse the application if they decide that the original condition(s) should continue.

"The original planning permission will continue to subsist, whatever the outcome of the application under section 73. Section 73 will not apply if the period in the previous condition limiting the duration within which the development could begin has now expired without the development having begun.

"For more details regarding the use of conditions refer to Circular 11/95 http://www.communities.gov.uk/publications/planningandbuilding/circularuse

"It is often helpful to discuss your proposal before you send in your application, and to seek pre-application advice from your local planning authority. For details, please look at your local planning authority’s website."

---

Link to HOME (see all poats).

Technology for the Brent Cross Railway?

"Central China produces super-capacity light rail train"

"CHANGSHA, Aug. 10 (Xinhua) - The world's first super-capacity light rail train was completed Friday by China South Locomotive and Rolling Stock Corporation Limited (CSR) Zhuzhou Electric Locomotive Co., Ltd. in Zhuzhou, central China's Hunan province. [It was nearly ready on Thursday.]

"The new type of electric locomotive can be fully charged within 30 seconds during its station stops, as it has a box-type super capacitor on the roof and charge spots at the foot of every compartment, Xu Zongxiang, general manager of the company, said.

"The train, which can hold a maximum of 320 passengers, does not need a traditional pantograph installed on the roof to get electricity from the high-tension lines along the track, according to Xu.

"Xu said the train, which features low energy consumption and occupies less land, can provide a new solution for the construction of highly cost-effective and environmentally-friendly urban rail public transport."

"Boris Bikes: Westfield pay not a penny"

Link to Shepherd's Bush blog

"Westfield have still not paid a penny toward the cost of the Boris Bike docking stations in Shepherd's Bush, Transport for London have disclosed, in response to a freedom of information request submitted by excellent blog MayorWatch.

"So that's not one shilling towards the huge amount of good PR, sent their way throughout the Olympics for hosting the stations."

Evening Standard: "Stop pussyfooting around, Cameron: Boris Johnson reveals his masterplan to boost Britain's economy"

Link to Evening Standard

"Mr Johnson told the Standard:

"The way to get business really motoring in the UK is to cut taxes, cut regulation, create the infrastructure and get behind it. That’s what you should do."

"He also:

• Revealed plans for an elevated network of cycle lanes alongside Overground rail tracks
• Insisted George Osborne 'is up for' big infrastructure projects such as an airport in the Thames Estuary but criticised 'inertia' in the Government.
• Hailed the Olympics as showcasing Britain and told of his pride that London was able to 'dazzle the world'.

"His 'ideal world' plan for promoting business and the hint he may run as an MP is likely to trigger most debate."

'Not the London Borough of Barnet': How local authorities can consult, if they really want to (2)

Link to Brent web site

Brent Council is asking residents for their opinion on a new plan of how Wembley will develop over the next 15 years.

The Wembley Area Action Plan aims to provide new homes, jobs, shopping and leisure facilities with infrastructure and services which both support regeneration and the needs of local people.

Until 8 October members of the public can have their say on the plan by visiting www.brent.gov.uk/ldf or emailing ldf@brent.gov.uk

There will also be two public consultation sessions:

Meeting and exhibition

Brent Town Hall

7pm, Wednesday 12 September

Drop-in session

Coming Soon Club, 5-7 Wembley Hill Road (Wembley Triangle)

11am -7pm, Thursday 13 September

For one week from 13 August, a Community Information Roadshow is at Wembley Central Square, where you can pick up a leaflet on the plan.

Lead Member for Regeneration and Major Projects, Councillor George Crane, said:

"The action plan builds on the council’s vision to develop Wembley as a destination which will drive the economic regeneration of Brent.

It includes key planning objectives and policies and provides guidance for the development of over 30 sites in the Wembley area."

Wembley timeline

2012

• Wembley Stadium hosts London Olympic football events and Wembley Arena hosts badminton and rhythmic gymnastics events.

2013

• Brent Civic Centre complete
• New cinema & London Designer Outlet open

Compulsory Purchase: Fears for pub’s future ‘unfounded’

Link to 'Yorkshire Evening Post'

"Developer Hammerson is planning to build a major shopping and leisure development either side of Eastgate. ... It has sparked fears among customers that the Templar, which is not listed, could be knocked down to make way for new uses.

"... Chris Jones, planning consultant for the scheme, said: 

"There was no basis for the fears over the future of the Templar.

As was standard procedure for such a big development, the council had recently sent compulsory purchase letters to a number of landowners on the site, as part as part [sic] of the process for Hammerson to acquire the land it needed.

Those letters might have sparked concerns."

[Well, CPO's would, wouldn't they?!]

JD at Brent Cross: BUY ONE GET ONE FREE EVENT

Cheapest item free

Selected London 2012 and team GB product lines only

While stocks last

---

"Finchley's Pentland Group plc was founded in the early 1930s in Liverpool, England. It was then called the Liverpool Shoe Company because it dealt purely in shoes; first a wholesale shoe business, then expanding into a manufacturing business.

"In 2005 Pentland acquired 57% of JD Sports Fashion plc which operates the JD Sports, Size, Bank and Scotts retail chains in the UK."

Hammerson Leeds, The Rest Follow

Link to Property Week

"Property Week understands that Hammerson, which is fast spending the money it raised from selling its London office portfolio to Brookfield [nothing left for Brent Cross?] is under offer to buy the Victoria Quarter in Leeds.

"... It is thought that the Real Estate Investment Trust is planning to pay around £135m for the high-end scheme, which boasts Harvey Nichols and Louis Vuitton as two of its 76 tenants, and which adjoins Hammerson’s forthcoming £650m Eastgate Quarter.

"The deal is thought to be close to signing, and would give Hammerson control of a huge area of Leeds’s prime retail area."

Weekend 22-23 Sep: "London 2012 Olympics: Open House barge tours to show evolution of Olympic Park"

Link to Evening Standard

"The £9 billion regeneration of east London for the Olympics will be a highlight of this year’s Open House architecture weekend.

"Organisers expect huge interest in guided walks and barge tours of the area around the Olympic Park, looking at how the once-derelict site was redeveloped."

---

"What the world thinks of London 2012"

Link to The Independent

"... Doug Saunders at Canada’s Globe and Mail is a big TFL fan, who thinks we should get over our collective low self-esteem (not searching for affirmation in Canadian newspapers might be a start):

“Public transport, after a disastrous postwar nationalization followed by a catastrophic 1980s privatization, is finally working well … As one of their prime ministers once said during a much more painful era, they’ve never had it so good.”

"Wayne Scanlan from the Vancouver Sun is also concerned we’re not enjoying ourselves enough:

“Another Canadian reporter asked a soldier at a security check, ‘Are you having fun, yet?’

‘So I’m told, sir,’ he said. ‘So I’m told.’"

Daily Telegraph: "Independent retailers take high street fight back online"

Link to Daily Telegraph

"Business owners in Wells, Somerset, ranging from a butcher to a stationery store and a fashion shop, have launched MyHigh.St, an ecommerce store that allows retail entrepreneurs to tackle the loss of business to online shopping.

"Founded by Loaye Agabani, owner of Wells store Junior Toys, the site has signed up around 50 independent shops and has attracted the interest of small businesses on 10 other high streets."

[Reposted] Westfield -v- Hammerson: Tweedledee PR -v- Tweedledum PR

WESTFIELD:
Link to Croydon Guardian

"John Burton, Director of Development, Westfield UK said:

"Westfield has made no secret of its desire to become a part of the Croydon landscape. For the best part of ten years we’ve identified Croydon as a town that is in need, and capable, of major investment. All the fundamentals are there - the transport links, the location and the people.

... Renewed interest and optimism for the town means that the community can be confident they will see a positive change to the town, so long as the right approach is adopted* and action is taken swiftly."

* Unlike Hammerson

---

HAMMERSON:
Link to Croydon Guardian

"David Atkins, chief executive, Centrale's owners Hammerson said:

"Sometimes people I meet are surprised to find that Hammerson is keen to invest more in Croydon, by extending Centrale and redeveloping the Whitgift Centre.

... The amazing response of the people of Croydon to the riots showed what this town is really made of. It’s a place we’re committed to*, and somewhere we’re confident we can help build a bright future."

* Unlike Westfield

---

Whitgift shopping centre deadlock
'can't go on much longer'

---

Update:

"A year on, Reeves of Croydon has risen

from the ashes. The community has too."

Link to The Guardian

Hammerson: Resignation of Lawrence Hutchings

"Hammerson plc announces that Lawrence Hutchings, Managing Director of UK retail and member of the Group Executive Committee, has decided to step down from the business, as he will be taking a sabbatical, during which he will spend time in Australia for family reasons. He will leave the business at the end of September.

"Hammerson has significantly strengthened its UK retail team over the last twelve months, creating new roles at a senior level to enhance our international experience, further increase our focus on tenants' requirements and improve the commercial focus of the business.

"The three operational divisions of the UK retail business will report directly to David Atkins, Chief Executive:

• Martin Plocica will become Director, UK Shopping Centres; 
• Andrew Berger-North remains Director, Retail Parks, and 
• Simon Travis will continue to be responsible for managing Hammerson's investment in Value Retail.

"David Atkins, Chief Executive, said:

Link to Retail Gazette

"In his four years at Hammerson, Lawrence has made a major contribution to the way we manage our retail assets and developments.
[For instance, he recently fronted Hammerson's presentation to Croydon's Strategic Planning Committee, a week after Westfield had done so.]

I understand his reasons for leaving, and naturally I'm sorry to see him go. I thank him for all he has done for us, and I wish him well for the future."

Daily Telegraph: "Five years of financial crisis"

Link to Daily Telegraph

"Ambrose Evans-Pritchard, the Telegraph's international business editor, has followed the global financial crisis from the credit crunch to the eurozone debt crisis. 

"Here is a selection of news and views from his stories, blogs and columns over the past five years..."

Sat 15 Sep: Cricklewood Festival

(Credit: Louise de Ville Morel)

"Cricklewood Festival will be held on Saturday 15 September, from 12 noon till 6 pm, on the Broadway and Cricklewood Lane.

"Stalls and acts are being booked now so do get in touch with Osita (email: udenson@btinternet.com) who is delivering the Festival with the Cricklewood Improvement Programme or email: cipcricklewood@yahoo.co.uk. There is some funding available for performers.

"The idea is to have 4 or 5 sections of the Broadway / Cricklewood Lane as sites for various activities and events which will then link and flow around the Broadway. Details will be confirmed soon.

"There will be marquees and stalls selling World Flavours Food.

"Speciality food stalls required - herbs, spices, cupcakes, artisan breads, etc.

"There will be a stage and performers throughout the day on different parts of the Broadway.

"The grassed area in front of B&Q in Cricklewood Lane will be transformed and an idea is to have a Maypole there and children's activities. Any Morris Dancers in the house - skip forward.

"There will be different sections of the Broadway for arts and craft - any stall holders, local groups interested in having a stall?

"Workshops in arts/crafts, comedy, and many more tbc.

"There will be a hospitality tent - looking for volunteers to man the tent in shifts.

"Looking for volunteer stewards to supplement the security guards - anyone interested?

"Looking for a group to provide a theatrical performance.

"Marquees, tables and chairs are being purchased - looking for premises to take delivery and store container. Also to store equipment after Festival which is planned to be an annual event.

"Ideas required to dress the Broadway and the traffic islands - probably using the Silk Road theme.

"Visual merchandise such as florists required.

"This is just a taster of the work-in-progress for this fabulous festival."

---

Link to HOME (see all posts).

The Guardian: "Councils promote growth by tapping into London's manufacturing base"

Link to web site

"The capital's continuing pre-eminence as Europe's leading world city depends on its industrial capabilities. Running and maintaining transport systems, the logistics of supplying the city, minimising and managing waste, delivering the infrastructure and support for knowledge-based, consumer and residential sectors are huge undertakings of industrial scale.

"London's financial and business services also provide significant sources of private sector resourcing and capability for UK manufacturing's expansion into new national and international markets."

"The expanding mall is a kind of undemocratic city, with levels of planning and security that almost guarantee 'no riots here'"

Link to The Guardian

Like any other city, Bluewater has its periphery. Ebbsfleet, the exurban new 'town' that boasts its own line to Paris, is effectively its suburb. Its cul-de-sacs and wood-clad flats abut wide motorways and retail parks, discouraging any civic or public life in anything but the mall itself. 

"The Thames Gateway, the unofficial eastward expansion of London, has no centre, no real public space – for that it has Bluewater, and its older, gawkier north-of-the-river cousin Lakeside. Also, like a city, it has its slums. Nearby towns such as Chatham or Northfleet are as stricken as Barrow-in-Furness or Merthyr Tydfil. Their former centres are practically decimated by Bluewater.

"... Bluewater's architects are right – its success is not merely about shopping, but about the production of a particular kind of place. The successful city, as represented by Bluewater, is clean, corporate, homogeneous, authoritarian, and, should anything unexpected occur, easily sealed off. The worse things get, the more it will thrive."

Barnet's Corporate Plan and Regenfirst Ltd: Barnet's Regeneration Report (such as it is)

"Barnet is a vibrant and successful London suburb. It is one of the greenest suburbs in the capital, with over 200 parks and green spaces. It is recognised across the capital as an attractive place to live and work.

"Despite the challenging economic climate, Barnet remains a successful and enterprising borough, with the third highest number of registered business in London. Households remain relatively prosperous, with average household income 6.5 per cent above the London average.

"However, there are variations in different parts of the borough. There are areas of deprivation, notably around the western boundary’s ‘A5 corridor’ and in some of our local housing estates."

"[We will] sustain Barnet as a successful place through regeneration, and promoting enterprise and employment"

"We have bold plans for growth and regeneration in Barnet, developing new housing, businesses and infrastructure in growth areas and regenerating priority council housing estates. We will work with partners to develop skills and employment initiatives with a focus on 16 – 24 year olds, supporting enterprise, and providing opportunities for residents to acquire skills."

How we will achieve this objective

"We aim to deliver sustainable growth through our regeneration and growth plans and ensure that we have the necessary infrastructure in place to support this growth. We also want to help towards meeting the challenge of managing and reducing demand pressure on social housing and services. We will achieve this by:•

• implementing the Regeneration Review action plan [presumably, the document below] and a framework for streamlining and identifying future funding streams to support growth;
• developing a Skills and Enterprise action plan that engages local businesses and partners to improve employment opportunities for residents, including focussing on young people not in education, employment or training (NEET) or who are at risk of becoming NEET;
• endorse [sic] the London Council’s Procurement Pledge to encourage jobs and training opportunities;
• improving access to social housing for those in housing need by making better use of council housing and by regenerating priority council housing estates; and
• delivering an Empty Homes programme to increase the supply of affordable housing, and reduce the risk of squatting and crime."

---

"Barnet Council has commissioned Regenfirst to undertake a rapid review of its regeneration function, to assess the deliverability of its major regeneration projects against its emerging revised Regeneration Strategy, and to assist the council in developing appropriate capacity for delivery and effective executive and political governance arrangements."

"The review includes an examination of the Council’s strategic framework, its key projects and the current delivery arrangements. The review commenced in September 2011 and was completed in December 2011.

"The review has been undertaken in two stages:

• The first stage was undertaken through a combination of desk top analysis, together with structured interviews and informal discussions with the Council’s own officers from a number of departments, the lead member, and key external partners including delivery partners, key professional advisers and the HCA and GLA.
  The analysis and interviews undertaken informed the review of the linkages and issues between the Council’s emerging strategy and its planning, skills/enterprise, housing, property and capital strategies; and informed the assessment the Council’s capacity to deliver its own regeneration programme based on analysis of its staffing team, in-house skills and external support, governance and programme management arrangements


• The second phase was an assessment of the viability and deliverability of the key projects within the Council’s regeneration programme. Drivers Jonas Deloitte were engaged to assist with the technical financial assessment.
  The second phase took the form of desktop analysis of information provided by the Council, and structured discussions/workshops with the Council’s in-house team."

"The review looked in particular at Grahame Park, West Hendon, Stonegrove/Spur Road, Dollis Valley and Granville Road.

"As part of this review the Council, with Regenfirst’s assistance, commissioned Drivers Jonas Deloitte (DJD) in early October 2011 to assist with assessing the viability and deliverability of each of the Council’s regeneration schemes, and to provide technical support for the scheme viability element of the review. The viability analysis looked at the following, on a scheme by scheme basis:

• Land value/receipt 
• Site abnormals 
• Planning status/risks 
• Infrastructure costs 
• Build costs 
• Grant/grant security 
• Housing decant issues 
• Sales values 
• Commercial yields (where relevant) 
• Development returns (to partners)

"DJD graded each of these aspects, per scheme, according to a traffic light system:

•  Green  No anticipated concern – this is within acceptable market levels/anticipated position
•  Amber  Potential concern – adjustments may have material impacts on viability / acceptable subject to formal agreement
•  Red  Point of concern – Potential for major impact on deliverability /viability.

"Each scheme has been given an overall grading. In summary these ratings are:

• Stonegrove/Spur Road:  Amber 
• Dollis Valley:  Amber 
• Granville Road:  No rating (too early in scheme development) 
• Grahame Park:  Amber 
• West Hendon:  Red 
• Mill Hill East:  Amber 

[No traffic light for Brent Cross Cricklewood. Sob, sob!]

"The Council has successfully 'turned around' two of its principal regeneration schemes, Stonegrove/Spur Road and Dollis Valley over the past two years. 

"The same robust commercial approach is now being taken with Granville Road and subject to the outcome of the current competitive dialogue process, the scheme has every chance of delivery.

"Mill Hill is an innovative regeneration scheme, where the Council is using its assets and forward funding in a very commercial way to achieve significant long-term benefits.

"Grahame Park and West Hendon are not viable in their current form. However both remain very important to the overall achievement of the Council’s long-term regeneration objectives along the A5 corridor: aspirations for Colindale and, in the longer term, Brent Cross/Cricklewood will not happen if these two key regeneration sites do not fulfil their potential; moreover the Council will have to invest heavily in the fabric of fundamentally inadequate stock, which would not represent good value for money.

"Brent Cross Cricklewood is one of the most ambitious regeneration projects in London, but in the current economic climate, there is a need for a more detailed approach than this review can offer, looking at the liabilities, particularly in the early phases, assessing the role the Council should take, particularly as a major landowner, and reviewing options for effective project management for a scheme of this size and complexity.

"What is clear is that the vision for Brent Cross Cricklewood is a once-in-a-century opportunity. The Council’s commitment to facilitating the implementation of the vision commands enormous respect [sic] amongst partner agencies. [Er, such as?]

"The challenge, in the economic circumstances, is enormous, but it should undoubtedly remain a high-order priority for the Council."

  

 Recommendations

"The Council’s future need for regeneration is a focus on delivery, which should prompt a review of the organisational arrangements, and in particular a strengthening of the understanding and application of the financial mechanisms that the Council can bring to kick-start delivery.

"Leadership within the regeneration service is a key area which needs addressing by the Council. The opportunity to develop a specialist client function is an opportunity to re-introduce a greater degree of delivery focused leadership.

"The Council should urgently consider recommissioning key consultancy services, on the basis of a specific discipline, and for a meaningful period of time, with outcome rather than output based specifications. This would enable the Council to develop stable and trust based relationships, with a smaller number of longer term advisers.

"The Council needs to change its internal project management capacity. It needs fewer, more technically skilled project managers.

"Financial management needs to become more rigorous, with a business planning approach, careful budgeting and strict cost/time management against budgets.

"A refresh of the standard gateway approach should be considered to inform the stages of programme management and cost control.

"The remit of the Board needs redefining and should take on some decision making powers, in line with delegated authority.

"Terms of reference for project boards should be refreshed, and should enable appropriate decision making on scheme progress.

"The extent of delegation to officers is a cultural matter that varies from Council to Council, but it would be helpful if the scope for delegation to officers could be expanded, perhaps within a range of tolerance relating to cost or values or to variances within an initial set of approvals.

"Linked to this, there is also an argument for reporting slightly differently on regeneration schemes, with an annual progress report to the Council. Overall, this would provide momentum and an opportunity to report success, rather than the minutiae of delivery.

"A strategic client function should be designed, which is both 'thin' and 'intelligent', which strengthens links with Strategic Property functions and with the client function for the Barnet Group."

---

That's been hard going, so here's a picture of a stuck squirrel:

---

Link to HOME (see all posts).

The Independent: "House-price crash fear as buyer-seller stand-off leaves the market in limbo"

Link to web site

"Fears that Britain is braced for a house price crash were raised yesterday by another set of gloomy figures from Halifax.

"... Some economists fear that worse is to come, with British house prices still sharply over-valued compared with the US.

"Some estimates suggest they would need to fall by between 40 and 60 per cent to bring them into line, a nightmare scenario for lenders whose customers would face being locked into negative equity for years to come." 

---

Link to Daily Mail

Daily Mail:

"House prices have fallen by 20% in the past 5 years, leaving millions in homes worth less than they paid for them"

"The average home in Britain is worth nearly £40,000 less than it was five years ago.

"Prices peaked at £200,000 in August 2007, but the same home is now worth only £161,000, according to figures published yesterday by the Halifax bank.

"The drop of almost 20 per cent has left millions of families in homes worth less than they paid for them – and there are strong fears that prices could fall further."

Evening Standard: "Bluewater unveils expansion plans"

Link to Evening Standard

"Kent’s Bluewater shopping centre, built in a former quarry, is about to become the UK’s biggest.

"Australian property group Lend Lease is applying for planning permission for a 375,000 square foot extension to the 1.6 million square foot mega-mall.

"The added space means it will shadow Westfield’s two shopping centres in London and Gateshead’s Metro Centre."

Until 10 September: John Lewis Brent Cross: WIN A LAPTOP

"Visit the childrenswear department on Level 2 at John Lewis between 6 August - 10 September, and pick up and complete the competition leaflet, for your chance to win a laptop."

BBC: "Riot problems still an issue, Mayor Boris Johnson says"

Link to BBC web site

"England's riots revealed 'deep social problems', that still need to be addressed a year on, Mayor of London Boris Johnson has said.

"The mayor told the BBC Radio 4's Today programme that the London 2012 Olympics was 'playing a role' in the solution. He said:

"It is sending a clear message about effort and achievement, and what it takes to connect the two."

This is South Wales: "Retailers only looking at new developments in London, the South East and the UK's 'top 10' cities"

Link to web site

"A Swansea council report ... says the absence of an anchor store such as John Lewis, combined with tough trading conditions, has stymied the all-singing and dancing city centre regeneration, proposed by FTSE 100 firm Hammerson.

" It warned major retailers were currently only looking at new developments in London, the South East and the UK's 'top 10 rated' cities.

"The report concluded there were grounds for optimism, ... but that footfall in Swansea had declined by nine per cent since September 2010 — more than the average for regional UK cities — with sales also down. Internet shopping, meanwhile, has increased markedly across the UK."

"Where were you when the global financial crisis began, five years ago this month?"

Link to Daily Telegraph

"Flicking through [2007] press reports of a debt-fuelled takeover bid for Sainsbury’s, or the preposterous battle between RBS and Barclays for control of ABN Amro, is like looking at photos of young people larking about in the summer of 1914.

"Did they really have no idea what was coming?

"Some did, but not many. ... It was not the conventional wisdom five years ago. This from the International Monetary Fund was closer to what most of us convinced ourselves was the case:

"These events are likely to have some negative impact on growth not only in the United States but also in a number of other countries, so wherever forecasts were a month ago they should be cut a little bit."

"Go on then, just a trim."

---

"Bank to say economy is at standstill"
Link to Daily Telegraph

"The Bank of England is expected to say in its August Inflation Report that the British economy will come to a standstill this year, with virtually zero growth in 2012 as a whole.

"... Just three months ago, it was forecasting growth of around 0.7pc this year, as was the Government’s independent fiscal watchdog, the Office for Budget Responsibility.

"The new forecasts ... are also expected to show a sharp downgrade of growth prospects for 2013, to about 1.5pc, down from more than 2pc in May."

---

Link to Observer
(image relates to second story)

The Observer:

"Five years ago, the credit crunch began; today it's worse. How long will it last?"

"Jamil Baz, chief investment strategist at hedge fund GLG, wrote, in an eye-catching analysis last month:

"After five years, we are in a worse place than when we started."

"He observed that total debt – meaning government, household, financial and corporate debt – is higher than in 2007 in 11 economies under the microscope. They are Canada, Germany, Greece, France, Ireland, Italy, Japan, Spain, Portugal, the UK and the US.

"Baz made five predictions:

• "All the perceived unpleasantness of the past few years is merely a warm-up act for the greater crisis to come", because the need to get debt levels down remains
• History says debt cannot be reduced by more than 10 percentage points a year without causing social unrest, which suggests a minimum of 15 to 20 years, to achieve healthy conditions for growth
• The economic impact of cutting debt will be massive, because a multiplier effect occurs when spending is reduced
• Share prices may still be too high, because corporate profits will be hit
• There is no magic bullet. Interest rates are already on the floor, and even back-door inflation would not help because bond yields would soar and, in any case, many government liabilities are inflation-linked.

"Too gloomy? Maybe, but the depressing lesson of the past five years is that the policymakers have only been able to provoke brief and small bursts of growth and confidence."

---

Link to The Guardian

The Guardian:

"Three myths that sustain the economic crisis"

"There is no real comparison between the events of the past five years and the half-decade that followed the Wall Street Crash in October 1929. ... A better historical parallel may be the Great Depression of the 19th century, a broad-based slowdown in growth coupled with deflationary pressure, that lasted from 1873 to 1896.

"The reason the crisis has been so long lasting comes down to three myths. The Anglo-Saxon myth is that big finance is essentially a force for good, rather than dangerous, rent-seeking and – in too many cases – corrupt. The German myth is that you can solve a problem of demand deficiency through universal belt tightening and export growth. ...

"... There is a third myth – namely that there was not much wrong with the global economy in 2007. But the old model was financially flawed, in that it operated with excessively high levels of debt, socially flawed, in that the spoils of growth were increasingly captured by a small elite, and environmentally flawed, in its assumption that all that mattered was ever-higher levels of growth."

Estates Gazette: "Town centres... it's not all about shopping"

Link to web site

"I learn that Mr Shapps ... [announced] another round of Portas Pilots. I have to say, looking again at the CLG Guide 'Re-imagining urban spaces to help revitalise our high streets', I do think the debate has taken a very healthy turn. 

"...What is different this time around? For a start, even if there is still a reluctance to relinquish the holy grail of a 'retail offer', there now seems to be, at least, a wide acceptance that town centres are not just for retail.

"... So retail is still a 'nice to have' alright; just don't bet the farm on it."

---

Down Memory Lane:

"The future: Welcome to the Brent Cross Cricklewood Development"

(currently on the shopping centre web site)

"On 25 March 2008, plans for one of the biggest regeneration schemes London has ever seen were submitted to Barnet Council. The £4.5 billion regeneration is designed to provide a new gateway to London and a vibrant new urban quarter in Barnet.

"The plans for a whole new town centre based around Cricklewood and Brent Cross would create 27,000 jobs, 7,500 homes, 3 schools, new health facilities, high quality parks and open spaces, and investment of more than £400 million in improving transport.

"The proposals, from development partners Hammerson and Standard Life Investments (owners of Brent Cross Shopping Centre) and Cricklewood Regeneration Limited (Brookfield Europe and Hammerson), also include a commitment to pioneering standards of environmental sustainability. [Brookfield/Multiplex cleared off two years ago!]

"The scheme aims to be the first in the UK to combine automated waste collection through a network of underground pipes, linked directly to a new waste handling and recycling facility. The waste collected would produce fuel for a combined heat and power plant on site.

"Rapid and efficient links would be created between the existing and new rail stations, along a new High Street, to an enhanced Brent Cross Shopping Centre and through to Brent Cross Tube. This would represent a step change in the accessibility of the area by public transport. Lined with trees, shops and cafés, the High Street would pass through a series of new public squares and over a new bridge across the A406.

"The 151 hectare regeneration area is bordered by Brent Cross Shopping Centre in the North, The A41 (Hendon Way) in the East, Cricklewood Lane in the South and the A5 (Edgware Road) in the West. The A406 (North Circular Road) also passes through the site, as does the Midland Mainline rail route.

"The application follows extensive community consultation. The proposals will go on exhibition soon and Barnet Council will be seeking the views of residents within and bordering the regeneration area. They will then be considered by the local planning authority. If approved, the plans would be implemented over the next 15 to 20 years."

---

Link to

"Questions to the Mayor (oh, crumbs!)"

Barnet Times: "Shoppers put pedal to the metal for Barnet and District Athletics Club"

Link to Barnet Times

"Shoppers have raised more than £1,000 for a Barnet athletics club by pushing themselves on exercise machines in Brent Cross.

"The shopping centre agreed to donate 60p for every minute completed by shoppers on exercise bikes, Playstation and powerspin equipment, to the Barnet and District club."

Legal Business: "Sarah Booth, Hammerson general counsel and company secretary"

Link to web site

"Sarah Booth, the general counsel of property company Hammerson, doesn’t have much back up. In fact, she is the entire resource – the only lawyer in a company of roughly 300 people.

"... Booth describes herself as a ‘career in-house lawyer’ and has to be very selective with how she uses her time. ‘I try to do the things that only I can do,’ she says."

'This is [Hammerson's favourite tax haven] Jersey': "Olympics slow John Lewis sales rise"

Link to 'This is Jersey' web site

"Department store John Lewis offered evidence that an anticipated Olympic boost to retailers has fallen at the first hurdle as it revealed a slowdown in London sales.

"... Sales in its flagship Oxford Street store dropped 8.7% in the week to July 28, compared with a 4.8% fall in the previous week. ... Brent Cross reported a 7% decline, against 0.3% growth."

DCLG: "Grant Shapps: Multi-million package of support to revive the country’s high streets"

Link to DCLG web site

"Nearly 400 Town Teams are to win backing from a multi-million pound package of Government support to revive their high streets, and make them the beating hearts of their communities, Local Government Minister Grant Shapps announced.

"... The [earlier] chosen pilots have demonstrated a transformational vision for their high street and strong support from the local community, and a wide range of local partners to make it a reality. The lead partner clearly articulated this vision and demonstrated strong support from the local community, and a wide range of local partners.

"The pilots also demonstrated:

• strong leadership - pilots areas clearly articulated and delivered a transformational vision for their high street
• commitment - demonstrated maximum commitment to the Town Team approach amongst retailers, landlords, the local authority and the local community or community groups.
• potential for improvement - clear articulation of the problems and challenges, including proposing solutions that would bring real change to their high street.
• innovation - set out the most innovative ideas that would have maximum impact and can be replicated elsewhere.

"The Mayor of London, recognising how this initiative complements his extensive efforts to regenerate the capital's high streets, is joining forces with the Department for Communities and Local Government to invest £300,000 to fund three additional London pilots.

"The pilots will be selected by the Mayor this summer following a bidding process designed to attract the best ideas that will deliver jobs and growth to some of they city's high streets and town centres most affected by the economic downturn and underinvestment."