"RE, the joint venture between Barnet council and Capita, will formally go to market next month seeking a 50:50 joint venture development partner for one of London’s largest development opportunities – the 15m sq ft Brent Cross South.
"Capita
has been working with Re and Barnet council since January 2014 on the
best route for finding a development partner for the southern section of
the wider Cricklewood masterplan after the council’s long-term [ha, ha!]
development partners Hammerson and Standard Life Investments agreed they
would take forward only the first phase of the project – the
redevelopment of Brent Cross shopping centre on the north of the site
(pictured)."The parties have agreed that a new partner would need to come forward for the rest of the opportunity which may wish to revisit the detail, content and phasing of the current 2010 consent for an Allies & Morrison designed masterplan. [Despite, or because of, the corrupt 2009 planning application?]
The southern section of the consented masterplan (Brent Cross South) is equivalent in gross floor area to Mayfair at around 15m sqft.
"Last week (16 June) Barnet council’s Assets, Regeneration and Growth committee was set to convene to approve a recommendation to commence the formal OJEU negotiated procurement to select a preferred partner for the opportunity.
"However, the meeting was adjourned with a new date of 9 July set. [It happened.]
"The committee is being asked to set a deadline for choosing a preferred partner in early February 2015 allowing for the partner to be unveiled at the MIPIM property conference in March 2015. [What fun! A jolly!]
"The Brent Cross Cricklewood South opportunity emerged last year as part of a new delivery approach to the long-running plans for the regeneration of Brent Cross Cricklewood, a site taking in the Brent Cross shopping centre in north London and much of neighbouring Cricklewood. [All on one corrupt LB of Barnet planning application!]
"Long-term development partners Hammerson UK and Standard Life have agreed to focus solely on the delivery of a rejuvenated and expanded shopping centre at Brent Cross as well as agreeing to invest in the infrastructure required to support the wider regeneration proposals. [That is, like Brookfield Multiplex before them, the rats are leaving the sinking ship. (Fewer cliches, please. Ed.)]
"Advisors have subsquently identified a first phase market proposition that would bring forward around 2,400 homes and 180,000 sq ft of retail on a new high street linking into the Living Bridge [a torrid tale in itself] and Brent Cross Shopping Centre and creating a new town centre over an eight to 10 year period. [Based on the use of the private car, for the necessary up-market new shoppers.]
"Work has also continued on ensuring the remaining 5,000 homes and close to 5m sq ft of commercial including as much as 4m sq ft of offices are made viable through the early delivery of a proposed new Thameslink station into the site. [Due to another risk-defying scam.]
"It is understood that the council is working up proposals to employ Tax Increment Financing to finance the station development. [Yup.]
"On 16 January 2014, Cabinet Resources Committee approved the market testing of the opportunity through the issue of a Prior Information Notice (PIN).
"In planning committee papers ahead of the upcoming committee meeting RE reveals that there has been significant market interest in the opportunity.
"Three to five parties will be shortlisted by the end of September 2014.
"Hammerson and Standard Life’s first phase plans for the Brent Cross Cricklewood project includes the redevelopment of the shopping centre, creation of major new infrastructure, improved links to the existing tube station, and delivery of around 2,461 new homes over the next 8-10 years.
"As set out in the Cabinet Resources Committee in January 2014, the the partners will provide funding up to £1.4m to meet the council’s costs in procuring the preferred partner for the Brent Cross South development and further technical due diligence work in accordance with the Co-operation Agreement. [Based on the corrupt 2009 planning application, after Hammerson has cherry-picked the bones. (Mixed metaphor. Ed.)]
"The plans envisage homes being ready for occupation by 2020."
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