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Hammerson, Standard Life Add to Brent Cross Holdings

LONDON-Hammerson and Standard Life, owners of the Brent Cross shopping mall in North London, have paid Castlemore $73 million for the proposed Brent Cross Retail Park development.

By Graham Parker | Updated on December 02, 2003

LONDON-Hammerson and Standard Life Investments have paid £42 million ($73 million) to forward-purchase Castlemore’s retail park development scheme opposite their Brent Cross shopping centre in North London. This is the first move to extend their holding south of the North Circular Road.

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).

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