Hammerson and Standard Life Investments are already linked through their joint ownership of Brent Cross Shopping Centre, and Hammerson and Multiplex already have a joint venture partnership to regenerate Cricklewood. Last year Multiplex sought to sell 25% of its 50% interest in the Cricklewood regeneration scheme in North London to a consortium of Saudi Arabian businessmen but the deal fell through.

For years, the developers worked on separate proposals for the two sites. Then last year Barnet council agreed a masterplan that would link the two areas.

The 250-acre scheme, which will be developed over 20 years, comprises a 592,020-sf extension of Brent Cross Shopping Centre providing a northern gateway to the scheme; 7,500 homes, including apartments adjacent to the River Brent, and a range of six- to eight-story residential blocks. Other components will be two schools, a health centre, sports and leisure centre, community centre and library; four million sf of offices adjacent to the mainline train station; a leisure complex next to the River Brent providing cafes, restaurants and a multi-screen cinema; four new parks and improvements to Clitterhouse Playing Fields; major transport improvements including a Midland Mainline train station connecting to Kings Cross, a new bus station, and new junctions off the A41 and A5.