Hammerson Contributing to Londons Future

7/24/2019 Hammerson Contributing to Londons Future

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Brent Cross CricklewoodA New Town Centre

NLA - Delivering Housing and Regeneration in London

Tuesday 7 December 2010

Jonathan Joseph


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The opportunity - about the area

Brent Cross Cricklewood A New Town Centre

Around 350 acres Key gateway location

M1/A406/A41 intersection

Bordered by heavy infrastructure

Low density retail units and surface

parking

Low density secondary industrial and housing

Poorly landscaped open spaces

Few community facilities

Needs major investment


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The vision


7,500 homes, 27,000 jobs

14 million sq. ft. total (1.3m sq m)

4 million sq. ft. office district

Transformed BX Shopping Centre

Additional business rates generating 10s of

millions per year

Strong connection across the A406

Exceptional parks and open spaces

New mainline train station

New Brent Cross bus station

3 new schools, new health facilities

Sports and leisure centre New bridges and road junctions

Naturalised River Brent


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Contributing to Londons future


Long neglected part of London

Supportive strategic and local

planning policy

Massive public transport investment

including highway improvements

New train station & infrastructure

Parks and community facilities

Planning approval October 2010

Start on site 2014 / 2015

Staged development over 20 years


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Working together


Brent Cross Cricklewood Development Partners Hammerson

Standard Life Investments

Local partners

Barnet Council

North London Waste Authority

Regional partners

Transport for London

Greater London Authority


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Conception and Delivery


Conceived as a privately funded scheme Enormous infrastructure investment up front

Infrastructure vital to the speed of regeneration and creation of place

Mitigated by starting level for affordable housing of 15% rising

according to economic prospects


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Support and funding


Currently scheduled to be delivered over 20 years

Will progressively generate paradigm shift in

business rate receipts

New Localism Bill awaited

Application of Tax Increment Financing

alongside local house building incentives

could bring delivery forwards

Ideal candidate for these new mechanisms

Would have a beneficial effect on job

creation and the delivery of homes


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The Section 106


1bn community infrastructure package

500m Public transport improvements New Thameslink railway station Major investment in local roads Improved bus station Rail-linked waste handling facility

300m Environmental measures Remediation measures and waste disposal

100m New premises for three schools

Community facilities including a new library and a new health centre

40m New public open and green space


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Conclusions


Addresses long term problems affecting a very wide area New Town Centre homes, shops, jobs, transport, community, environment

TIF solution with local house building incentives will accelerate positive impact

Hammerson Contributing to Londons Future

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