Commercial Property - Brent Cross Regeneration
London mayor Boris Johnson, has approved plans for a major regeneration project, which will create a new town centre at Brent Cross in Cricklewood, north London.
The £4.5bn scheme aims to bring a total of 27,000 new jobs to the area, including skills training for local people, all serving to help drive London forward and out of the recession.
Outline plans for the scheme were approved by Barnet Council last November. The scheme is being developed by a joint venture between Brookfield Europe, Hammerson and Standard Life Investments on a 250 acre site over the next 20 years.
The site is a key opportunity area in north London for 7,500 homes, three schools, healthcare facilities, parks and other commercial facilities.
The consortium said the scheme will bring about nearly £1bn investment in transport infrastructure and community facilities — the biggest in the area’s history.
The project will see improvements to highways and road junctions in the area, equipping it to efficiently carry any extra traffic arising from the development. The new public transport measures in the scheme will be managed by a new Transport Strategy Group, with representatives from Transport for London, Barnet Council and the developers.
The Mayor of London’s team has worked closely with the council and developers to secure the maximum number of affordable homes possible. This will be reviewed at each phase to ensure there are opportunities to add more affordable housing in line with changing market conditions.
Johnson said: “This is another great example of pushing ahead with major development and infrastructure improvements to create jobs, and boost the capital’s economic growth, while transforming the quality of life of thousands of Londoners. The scheme will bring a new vitality to a part of the capital in need of regeneration.
“Having carefully considered the proposal I am satisfied that the application fulfils the need to have the kinds of transport links that will bring fluidity and rejuvenation to Brent Cross while avoiding potential problems caused by any extra traffic.”
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