Hammerson moves closer to £1.2bn Brent Cross revamp

Property firm Hammerson is set to submit detailed plans for the £1.2 billion overhaul of Brent Cross shopping centre within weeks, boss David Atkins said today.

The modernisation will more than double the size of the 40-year-old north London mall to 1.9 million square feet, as part of a wider £4.5 billion regeneration of Cricklewood including offices, parks and nearly 7000 new homes.

The centre, which opened in 1976 as the UK’s first fully enclosed shopping mall, already sees 15 million visits a year but the extension will almost double the number of shops to 200.

Hammerson, which owns the centre with Standard Life, hopes the scheme will be completed by 2022.

Atkins, who is already in talks with contractors over the building works, said: “We are working up the final designs and we will be submitting a detailed planning application shortly.”

Enabling works could start by the end of this year after the outcome of an inquiry into compulsory purchase orders for part of the site. Hammerson will pump up to £550 million into the project.

The firm, which grew annual profits 9% to £230.7 million, stripping out property valuations, is also in talks with the Mayor’s office about changes to the controversial Goodsyard development in Shoreditch after original plans were recommended for refusal a year ago.

In Croydon, its joint venture with Australian shopping mall giant Westfield is redeveloping the Whitgift Centre, and it is also refurbishing the adjacent Centrale shopping centre.

A decision on the new planning application is expected this summer with building work beginning next year.

Hammerson, 40% of whose shopping centres are in Europe, said the firm had seen few signs of a Brexit slowdown so far among shoppers. The shares rose 13.5p, or 2%, to 578p.