Hammerson put Brent Cross expansion on the back burner

Hammersons have announced that its £1.4bn Brent Cross Shopping Centre development has been put on the back-burner, perhaps until 2023, reflecting the current poor performance of the retail sector.

The proposals are now more than 10 years old and throughout the period have been hotly opposed by the cross-party Coalition for a Sustainable Brent Cross Cricklewood Development.

Doubts have emerged over the viability of the scheme following many recent failures in the retail sector and the public's move to on-line shopping.

Shareholders' basic earnings per share was 7p in June 2018 and 36.2p in 2017 - a reduction of 81%.

Hammerson said:

Given the current turbulence in the UK retail markets and whilst alternative uses of capital offer higher short-term financial returns, we have decided to defer the start on site at Brent Cross.

Whilst we have decided to defer the start on site of the scheme, it remains an important strategic project and we continue to recognise its role as one of London’s leading retail destinations.

It also forms part of the wider Brent Cross Cricklewood regeneration plans encompassing improved road and rail infrastructure and significant residential development and we remain engaged with retailers and stakeholders towards the future delivery of the scheme.

Andrew Dismore, Labour Assembly Member for Camden and Barnet said:

 Due to the nightmare market conditions for retailers, the developers for Brent Cross- Hammerson and Aberdeen Standard Investments- say they need more certainty before they can commit to going ahead with the project. Brexit and the possibility of leaving the EU with no deal is a genuine fear for businesses.

This delay is also a disaster for the local community, as it delays the creation of much needed jobs, and will have an impact on the rest of the huge regeneration scheme.  More immediately, given Barnet Council’s reliance on projected business rates in its future budgeting, this decision could really impact on  the Council’s solvency.

Company press release HERE

Plan to double the size of Brent Cross revived.

The Coalition for a Sustainable Brent Cross Cricklewood Development is digesting a report in yesterday's Evening Standard LINK that Hammersons,  the property developer,  has revived plans to almost double the size of the shopping centre.

The plans would add 600,000 square feet to the existing 800,000 square feet. Alarmingly the Standard suggests that the Section 73 application could be considered in a 'matter of weeks'.

Brent Green Party is a member of the Coalition.

New Brent Cross planning application would scupper light rail

We, the Brent Cross Coalition, bitterly criticise the just-released planning application by the Brent Cross Cricklewood developers, Hammerson (Brent South) Ltd. and Kleinwort Benson (Channel Islands) Corporate Services Ltd. It intends to build on top of yet another of the possible light-rail corridors at Brent Cross, despite the threat of massive road congestion. 

We believe that the developers must rethink their 14-million-square-feet, 20-storey, incinerator-fuelled, car-choked scheme, and we believe general political support for their current plan is leaking away – yet Barnet Council is currently encouraging them to go ahead, regardless. The Channel Islands low-tax company now wants new development to jump from the stalled ‘Phase One’ Brent Cross plan to build on Phase 7 land.

Various transport solutions at Brent Cross remain possible, but we think that passenger numbers would be high enough for a new “Docklands Light Railway” here. This could then be expanded, as an east-west rail line across the whole of outer London, from west London, to Brent Cross, then via Colindale, Mill Hill East and Finchley Central, to New Southgate and Arnos Grove. It would be “off-road”, so no high streets would be dug up.

Any new Thameslink station would certainly mean closing Cricklewood and maybe Hendon stations, since they would be so close together on a very busy main line. Temporary work from the developers at Cricklewood would not change that.

In doing this, it would destroy the only feasible light-rail route into the site from Cricklewood station that avoids Phase One buildings. It could also bring into Brent Cross thousands of passengers from the planned “High-Speed-Two” and Crossrail stations in west London, via stations on the Bakerloo and Jubilee Lines in neighbouring Brent.

Dollis Hill campaigner Alison Hopkins  says:

“The Brent Cross developers surprise us. We keep pointing out that car grid-lock will not be a ‘plus point’ in their future marketing, and will not enhance the future profitablity of their development. That is why we keep suggesting a viable alternative. Perhaps we need to set up tents in the Brent Cross car park to finally get through to them.”

We, the Brent Cross Coalition, point out that Barnet Council’s web site still predicts over 29,000 extra cars every day in the Brent Cross area, if development goes ahead. Later, lower car estimates totally lack credibility.

We know that the developers are planning to physically raise the Brent Cross development "ground level" by three or four metres above the current ground level, so a light railway on the EXISTING level of land could be built around, in due course.

Lia Colacicco, Convenor of the Brent Cross Coalition says:

“Due to the arrogance of the developers, we are unable to stop them going after their quick profits, but they have never properly consulted local people. Many house-owners remain in fear of compulsory purchase of their perfectly adequate homes, many of which have gardens.

“Overall, we are opposed to the current complete, off-shore-funded Brent Cross plan.

"Development should be exciting. It should be designed with local people and the environment in mind. The developers are no better than greedy bankers. We need to work on a new master-plan for a sustainable development fit for the 21st century, not one that is twenty years out-of-date.”

We, the Coalition, accept that the new planning application is for only a small (catering) building on the Phase Seven land, but it is the thin end of the wedge, and it could be proposed elsewhere instead. 

The light-rail line is needed at the start of Phase One, certainly not as late as Phase Seven! We will continue to fight for a sustainable development that will improve the needs of the residents and local town centres, while improving the transport network over much of west and north London.

Readers can go to the web site of another Conservative Council, Hammersmith and Fulham, and search for “Old Oak Video”.
 

They will see an alternative, brighter future – large-scale, high-density development that is properly designed around public transport, not Barnet Council’s apology for the concept.

If the government backs the “High-Speed-Two” railway between London and Birmingham in the next few months, the proposed “DLR light railway” shown on the video at Old Oak may well be built. Will extensions of that light-rail line merely permanently stop at the borders of Barnet?

http://brentcrosscoalition.blogspot.com/2011/10/hammerson-and-kleinwort-benson-ood-make.html