The proposed 92,500-sf scheme will provide seven units and 351 car park spaces and there has been substantial interest in the scheme from retailers. Contracts have been exchanged with DFS and Next and heads of terms agreed with Borders and Sports Soccer. The total estimated rental value for the retail park on full letting is £4.3 million ($7.5 million). The scheme already has a detailed planning consent for open A1 non-food retail use, and once completed, Brent Cross Retail Park will be the largest open A1 retail park in North London.

Construction of the scheme is scheduled to begin in February 2004 with completion in December 2004. Castlemore Securities will develop the scheme with Hammerson and Standard Life Investments providing development finance. By completion their total commitment is expected to reach £74 million ($128 million), of which Hammerson's share will be £30 million ($52 million).

At the same time Cricklewood Redevelopment Limited, a joint venture between Hammerson and Pillar Property, has bought an option over an adjoining site of 1.7 acres from Castlemore Securities.

Hammerson Chief Executive John Richards says: "Brent Cross Retail Park complements our existing interests in this area of North London, which include a 41% interest in the 860,000-sf Brent Cross shopping centre and our 50% holding in Cricklewood Redevelopment Limited. This acquisition will enable us to co-ordinate retail lettings at Brent Cross shopping centre with Brent Cross Retail Park."

Hammerson was represented by Wilkinson Williams and Castlemore Securities by Harvey Spack Field.

Instant Insights /

Hammerson, Standard Life Add to Brent Cross Holdings

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