There have been five prime ministers since plans to extend Brent Cross shopping centre in North London were mooted, according to Peter Cole of Hammerson, joint owner with Standard Life Investments. He says the challenge now is to get on site before there is another change.
Enabling works on the £1.4bn scheme, which will see the centre double in size to 2m sq ft, are set to start at the end of the year. But given the political climate post-General Election, whether that is before or after a change of prime minister is up for debate.
It may sound like a jokey comment, but it serves to demonstrate the need for a long term, pragmatic view when undertaking a major regeneration project.
Extending Brent Cross shopping centre, which is 40 years old, is only part of a project that covers 370 acres and includes a new town centre on the south side of the North circular, 7,500 homes, 4m sq ft of offices, a new Thameslink train station and four new schools.
It is a £4bn project that Cath Shaw, deputy chief executive of the London Borough of Barnet, estimates will complete in 2035 and as such, partners who are in it for the long term are crucial.
Hammerson and Standard Life are taking the reins on Brent Cross and Argent Related is taking the lead on what will be the new town centre. Other partners will be brought on board as and when. It is a big and complex project.
“We are all going with the pain but we all get the gain,” said Stewart Murray of GL Hearn. “I think it is about to go beyond the cusp of something exciting.”
Argent brings to the project lessons learned from King’s Cross, which stands as a beacon of successful regeneration. David Partridge, joint chief executive of Argent Related, said those lessons include the predominance of public realm from the start and diversity and difference of uses, as well as engagement with the community.
“Feeling that what we are doing is providing regeneration that is for the existing community as well as the new community coming in. We learned from KX how to spread the benefit of regeneration widely,” he said.
Crucial to the community strategy is housing. And with affordable housing high up on the agenda, balancing the costs of infrastructure improvements with housing provision and viability is a big challenge.
Murray said: “Having the average Londoner being able to afford to live in Brent Cross is a big goal. We are finalising the business plan which looks at what kind of mix of housing we can afford to have that returns a profit but keeps it affordable.”
The mix could include shared ownership, build to rent, living rent and well as homes for sale. Ensuring the right mix is in place to create a genuine community is also important.
If the enabling works do kick off at the end of the year, then a start on site is planned in 2018 with the shopping centre, new station and first phase of housing due to complete in 2022.
Who’ll be prime minister then is anyone’s guess.
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