"Barnet council is set to formally sign off the creation of a joint venture with Argent Related to bring forward one of the largest regeneration schemes in the UK – the Brent Cross Cricklewood development – as well as launching a compulsory purchase order for land for a new Thameslink station into the area. The formal agreement – expected to sign off next Wednesday – comes as the Secretary of State has confirmed that a public inquiry into the compulsory purchase of the wider land needed for the giant scheme will begin in May.
"The Brent Cross Cricklewood project aims to double the size of the shopping centre and link to a new town centre for Barnet and North London across the North Circular Road.
"It proposes approximately 7,500 new homes over the next 20 years and is a key part of the wider revitalisation of the A5 corridor, linking Brent Cross Cricklewood with developments at West Hendon, Colindale and Edgware and improvements to Cricklewood Town Centre, to create a series of suburbs.
"The first phase of the Brent Cross Cricklewood project, which will be undertaken in large par by Brent Cross shopping centre owners Hammerson and Standard Life, 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.
"This will create an estimated 3,000 construction jobs, and 4,000 permanent jobs.
"The council is now set to agree a programme that would see development of the new Thameslink Station brought forward to improve the regeneration scheme in “both place-making as well as viability terms”.
"At present the scheme does not benefit from the delivery of the station until the later phases.
"In March 2015 Argent Related was selected as the preferred development partner for the development not undertaken by the shopping centre owners – what is known as the Southside Regeneration (for the history of this agreement see below). Argent Related and the council have been jointly progressing the Business Plan alongside the project agreement.
"Next Wednesday Barnet’s Asset, Regeneration and Growth Committee will convene to approve a new Joint Venture entity (JVLP). The committee is being asked to formally re-confirm Argent Related as development partner and approve the Business Plan and legal documentation so that the JVLP can be created to deliver the south side regeneration.
"The joint venture entity is an English Limited Partnership and will be held on a 50:50 basis by the Council and Argent Related.
"The council will participate as an equal 50:50 limited partner in the limited partnership and will participate in surpluses from the project.
"Argent Related provides the funding with the council having the option to contribute funding if it wishes.
"The Assets, Regeneration and Growth Committee are also being asked to recommend the making of a compulsory purchase order ('CPO3') and other related steps to full council for approval in order to acquire the land and interests need'dto enable part of the station phase of the comprehensive regeneration of Brent Cross Cricklewood to go ahead on land to the south of the North Circular. This would bring forward the development of the Thameslink tube station in the timetable of development.
"The Secretary of State has also now confirmed that an inquiry will be required into the first two compulsory purchase orders for the site.
"The inquiry is scheduled to take place from 17 May – 17 June 2016.
"The Council and its Development Partners are responding to objections and undertaking necessary works to support the CPO Inquiry. The Council and its advisors are also continuing to actively progress private treaty negotiations with those business and residents affected by the CPO. In this regard, the Council is leading on the acquisition of land within the south side compulsory purchase areas, as previously approved by Capital Resources Committee in January 2014 and Assets, Regeneration Committee in September 2014.
"Heads of Terms have now been agreed with eight residential owners in the CPO areas, and the council completed its first residential acquisition on 18 January 2016. It is anticipated that the Council will complete further acquisitions shortly.
"Similarly, the Council has reached agreement with commercial owners within the south side area.
"Capita worked alongside Barnet council from January 2014 onwards on the best route for finding a development partner for the southern section of the wider Cricklewood masterplan after the council’s long-term 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.
"The parties 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.
"The southern section of the consented masterplan (Brent Cross South) is equivalent in gross floor area to Mayfair at around 15m sqft.
"Barnet council's Assets, Regeneration and Growth committee 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 of that year.
"Long-term development partners Hammerson UK and Standard Life have also agreed to invest in the infrastructure required to support the wider regeneration proposals.
"Work on the phased rebuilding of the shopping centre is set to begin this year. Outline planning permission for the redevelopment of the whole site was granted in 2010, and updated last year.
"The area to the south of the North Circular has capacity for 7500 new homes and the whole regeneration area has the potential to support up to 20,000 jobs in 450,000 sq m of commercial space. The first stage of development is likely to see some 2,000 new homes built and 17,500 sq m of new retail space created to the south of the new pedestrian bridge, forming the heart of the new town centre.
"Capita Real Estate and Wragge Lawrence Graham advise Barnet council."
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