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Coffee break
Sessions resume at 11.05 am
ULI UK Public Private Partnership Seminar 2019
11:05 am Brent Cross South – Argent Related and Local Borough of Barnet
Karen Mercer, Project Director, Brent Cross Programme
Andre Gibbs, CEO of the Brent Cross South development and Partner, Argent Related
11:30 am Panel discussion
Emma Cariaga, Head of Operations, Canada Water, British Land
Graeme Craig, Commercial Development Director, TfL
Colm Lacey, Managing Director and Chief Executive Officer, Brick by Brick
Frederique Jungman, Senior Project Manager, Business Strategy Unit, Argent (moderator)
12:15 pm Closing remarks
12.30 pm Close
ULI UK Public Private Partnership Seminar 2019
Brent Cross South – Argent Related and Local Borough of Barnet
Karen Mercer, Project Director, Brent Cross Programme
Andre Gibbs, CEO of the Brent Cross South development and Partner, Argent Related
(PDF Presentation + Photo)
ULI UK Public Private Partnership Seminar 2019
A major regeneration project by Argent Related in partnership withBarnet Council
Presenter Name
Date 2018
BRENT CROSSIN CONTEXT
BRENT CROSSSOUTH
GREATER LONDON CONTEXT
STANSTEDLUTON
HEATHRO
W
CITYGATWICK
RAIL & TUBE CONNECTIONS
NORTH LONDON CONTEXT
BRENT CROSSA MAJOR REGENERATION
BRENT CROSSSOUTH
BRENT CROSS TODAY
BRENT CROSS TOMORROW
View looking south
BRENT CROSS: MAJOR REGENERATION
§BRENT CROSSSOUTH
BRENTCROSS WEST
BRENTCROSS,
LONDON
– Brent Cross London:
Hammerson and
Aberdeen Standard
Investments
– Brent Cross West
Thameslink: Network
Rail
– Brent Cross South:
Argent Related
– 370 acres
– £4.5bn regeneration
View looking south
BRENT CROSS, LONDON TODAY
BRENT CROSS, LONDON - CONSENTED
– £1.4bn
redevelopment
– Over 200 retail
brands
– 40 new restaurants
– Cinema and leisure
complex
– Hotel
– Enlarged bus station
– Improved public
spaces
BRENT CROSS WEST: NEW THAMESLINK STATION
BRENTCROSS WEST
View looking south
– Open and operational
by May 2022
– 12 minutes to King’s
Cross
St. Pancras (Eurostar)
– 15 minutes to
Crossrail (Elizabeth
Line)
– 4 trains per hour in
both directions
– £250 million of rail
transport investment
NEW THAMESLINK STATION – OPENING MAY 2022
• Funded by partnership between HMG, GLA and LBB
• Programme• Work commenced on new sidings
and related compounds (Jan 2019)
• Commission new South Sidings (Nov 2019)
• OJEU procurement underway for Station contract award (Oct 2019)
• Station construction start (May 2020)
• Station opening (May 2022)
THAMESLINK WORK PACKAGES
BRENT CROSS SOUTH: A NEW TOWN CENTRE
§BRENT CROSSSOUTH
View looking south
BRENT CROSS SOUTH MASTERPLAN
– 180 acres including 60 acres of playing
fields
– 10+ million sq ft mixed use development
– Outline planning permission granted and
first residential buildings approved
– 3+ million sq ft offices
– Over 25,000 new jobs created
– 6,700 homes
– 460,000 sq ft retail, leisure and sports
facilities
– 3 new and improved schools plus
community spaces
– 8 public squares, 7 new and improved
parks
– Construction is scheduled to start in 2019
CHOOSING ADEVELOPMENTPARTNER
BRENT CROSSSOUTH
“It is important to this council that we create a living, thriving neighborhood with a real sense of place.
We want to create a new town centre that will set the standard for developing successful new neighbourhoods in London.”
Richard Cornelius Leader of Barnet Council
AMBITION & OPPORTUNITY
LBB SEARCH FOR PARTNER
• What LLB were looking for (5 requirements)
• Partner to develop a long-term collaborative, transparent and mutually beneficial working relationship
• Excellence in Placemaking
• Stewardship of place and good estate management
• Opportunity to generate long term returns and participate in growth
• Early and significant start on site, followed by continued and sustained delivery
LBB SEARCH FOR PARTNER
• Procurement Process – Four stage OJEU procurement process
• Pre-Qualification Questionnaire (issued July 2014)
• Invitation to Negotiate (shortlisted 4 bidders Oct 2014 – closing date 29 Jan 2015)
• Pre Contract Business Plan stage (Argent Related selected as single party in February 2015)
• Contract Award – March 2016
LBB SEARCH FOR PARTNER
• Why Argent Related?
• Approach to Partnership – most closely aligned with the Council’s objectives and 5 requirements
• Experience / track record
• Capacity and resources to deliver
THE DEVELOPER
King’s Cross, London Hudson Yards, New York
VISIONANDAMBITION
BRENT CROSSSOUTH
VISION & AMBITION
Our vision is to deliver a
significant, new town
centre for London.
Our town centre will
offer the best of
London’s long
established
neighbourhoods with
all the attraction,
complexity, character
and chance of delight
and surprise
that they can bring.SUCCESSF
UL
PLACES
CULTURE – FOOD – PLAY – SPORT
OFFICES & WORKING
Up to 25,000 workers will benefit from end-to-end tenant service
and flexibility.
Workspaces are being designed to attract a broad range of
people and organisations: from small, local businesses to large
corporates looking for a campus opportunity.
HOMES & LIVING
A great place to live both for existing residents and for those
that will choose Brent Cross South as their home in the future.
6,700 new homes ranging from small studios through to large
family properties will provide a balanced community and
opportunities for many.
HOMES & LIVING: THE FIRST RESIDENTIAL BUILDINGS
APPROVED
HOMES & LIVING: THE FIRST RESIDENTIAL BUILDINGS
APPROVED
HOMES & LIVING: THE NEXT RESIDENTIAL BUILDINGS – FOR RENT
(CONCEPT IMAGE)
35
HOMES & LIVING: THE NEXT RESIDENTIAL BUILDINGS – FOR RENT
(CONCEPT IMAGE)
THEPARTNERSHIPSTRUCTURE
BRENT CROSSSOUTH
THE DEAL
• Argent Related is involved in 2 capacities:
1. 50:50 Shareholder with LB Barnet and Developer for “BXSLP”, the Master Developer
2. Developer of individual plots through SPVs
THE MASTER DEVLEOPER – BXSLP
• 50:50 JV Between Argent Related and LB Barnet
• Assembles the land (Council and Third Party land; private treaty and CPO)
• Delivers infrastructure
• Sells serviced plots to Argent Related SPVs and potentially other third party plot developers
• AR earns DM fees and a Priority Return for MD activity
• LBB earns all of the uplift in land receipts (net of infra and other servicing costs) from plot sales on Council Land (approx. 92% in initial phases, approx. 45% overall) – Council Land Contribution, or “CLC”
• LBB and AR share the uplift in third party land acquired through the JV
ARGENT RELATED PLOT DEVELOPER SPVs
• Purchases serviced plots from BXSLP at fair market terms at the point of drawdown which:
• Are unencumbered
• Have planning permission
• Have funding and construction team in place
• Pass viability tests
• Oven ready, basically
• Plot valuation methodology based on known inputs and professionally advised assumptions avoids having to take each plot to the open market.
• The council has choices on how it receives its CLC, including: up front cash, back ended cash, investment in kind or investment/participation in the Plot SPV.
• Process designed to ensure “best consideration” achieved on a phase by phase basis.
PRECONDITIONS
• LBB places Station Contract
• Funding in place for strategic infrastructure
• Hammerson Aberdeen Standard “go Unconditional” on the shopping centre enhancement
PRECONDITIONSor “everyone has a plan until they get punched in the face”
• LBB places Station Contract
• Funding in place for strategic infrastructure
• Hammerson Aberdeen Standard “go Unconditional” on the shopping centre enhancement
“Following our decision in July to defer the start of the extension project, the joint venture has been working with Barnet Council and Argent Related to advance the wider Brent Cross Cricklewood regeneration programme and progress outstanding issues in preparation for future delivery.
This includes plans that will allow Brent Cross Thameslink to commence the new Brent Cross West Thameslink station and Brent Cross South to commence the mixed-use regeneration to the south, ahead of the retail and leisure extension to Brent Cross.”
FOLLOW US:
www.brentcrosssouth.co.uk @argentrelated
Panel discussion
Emma Cariaga, Head of Operations, Canada Water, British Land
Graeme Craig, Commercial Development Director, TfL
Colm Lacey, Managing Director and Chief Executive Officer, Brick by Brick
Frederique Jungman, Senior Project Manager, Business Strategy Unit, Argent
ULI UK Public Private Partnership Seminar 2019
• 18 March – Young Leader Mentorship Programme Launch
• 20 March - ULI NEXT: Leadership Breakfast with Jeremy Newsum, London
• 28 March - Capital Markets Masterclass with Ric Lewis, Tristan Capital Partners, London
• 28 March – ULI Midlands: The Only Way is MMC?, Birmingham
• 2 April - ESG & Capital Markets: Green Buildings, Are there Financial Benefits, London
• 10 April – Young Leaders: Bloomberg London Building Site Tour
• 1 May – ULI UK Fund Managers Symposium, London
• 2 May – Health & Wellbeing Research Launch, Birmingham
• 22 May - ULI UK Product Council Day, London
• 23 May - ULI UK Annual Conference, London
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