A retail park that forms part of a major regeneration site looks set to be bought up by Barnet Council.
The local authority’s bid to buy Brent Cross South Retail Park has been accepted, and it hopes to complete the deal by the end of January.
It is hoped the buyup – revealed in a report that is due to be considered by the council’s urgency committee on Tuesday, January 5 – will secure the long-term planned use of the site without using compulsory purchase orders.
Brent Cross South Retail Park lies to the south of the North Circular Road, a short distance from Brent Cross Shopping Centre, and is home to outlets such as Next, Sports Direct, TK Maxx and DFS.
The site forms part of the council’s flagship Brent Cross Cricklewood regeneration scheme, which will eventually provide 6,700 homes, a Thameslink station and a new shopping centre.
Owners Hammerson and Aberdeen Standard put the retail park up for sale last year, and Barnet Council submitted a bid in November.
The council plans to fund the acquisition by borrowing from the Government through the Public Works Loan Board, which provides low-cost loans to finance capital projects.
The urgency committee report states that there will be “no negative impact” on the council’s general fund as a result of the buyup.
It adds that extensive financial modelling confirms the acquisition will generate enough income to cover the council’s borrowing and holding costs over the next five years.
The report continues: “Full consideration has been given (and will continue to be given) to the attractive location of this accessible retail park adjacent to the north London catchment, existing tenant mix, market conditions and development potential.”
The urgency committee will be broadcast online from 10.30am on Tuesday, January 5. More details are available here: https://barnet.moderngov.co.uk/ieListDocuments.aspx?CId=716&MId=10758