Hammerson plc and Multiplex Group have joined forces to advance proposals for the regeneration of Cricklewood, North London, following Multiplex Group’s purchase of Pillar Property’s interest in Cricklewood Regeneration Limited, a joint venture responsible for the regeneration and development of the area to the south of the North Circular and opposite the Brent Cross shopping centre.
Multiplex Group, the Australian based international property group, through Cricklewood Regeneration Limited, will work closely with Hammerson to regenerate 240 hectares of derelict land and transform Cricklewood into a new mixed-use urban centre. The scheme, which will potentially include up to 5,500 homes and 400,000 m² of offices, forms part of the wider regeneration proposals covering the Cricklewood land to the south of the North Circular and Brent Cross shopping centre to the north.
In April 2004, Barnet Council formally approved the Cricklewood, Brent Cross and West Hendon Development Framework for the regeneration of this area of north London. Mayoral approval followed in July 2004.
The partners are currently progressing the scheme proposals, in consultation with Barnet Council and the GLA, with a view to submitting a planning application in late 2005. Whilst implementation of the overall masterplan will take many years to complete, initial phases could start in 2007. Hammerson and Multiplex will jointly manage the project, with the intention that Hammerson leads the commercial elements and Multiplex the residential component. Bellhouse Joseph Limited will continue to coordinate the project through the planning phase.
John Richards, Chief Executive of Hammerson plc, said: “We look forward to working with Multiplex Group in advancing this exciting scheme. This is a key stage in delivering the regeneration of this important area of north London. Hammerson’s current 50% interest in Cricklewood Regeneration Limited complements the group’s other interests in this area, which include a 41% interest in the 80,100 m² Brent Cross shopping centre and the 8,600 m² Brent Cross Shopping Park, which are central to the future development proposals for the area.”
Andrew Roberts, Chief Executive, Multiplex Group, said: 'We are delighted to be working with Hammerson and the London Borough of Barnet in bringing forward this important major mixed-use regeneration project, which will greatly enhance the entire region. We see particular benefit to the area from the residential element of the project which will make a significant contribution to delivering much needed new investment in the area.”