Sovereign Centros and Peveril Securities have signed a Development Agreement with Broxbourne Borough Council and Hertfordshire County Council (“the councils”) to pave the way for the £400m development of Brookfield Riverside, a major new mixed-use development.
Plans for the £400m Riverside scheme will include up to 315,000 sq ft of retail, 250,000 sq ft of leisure, restaurants and a cinema, 160,000 sq ft of offices including a new civic hub, approximately 250 homes and 100 assisted living units, a 2,500-space car park and major public realm improvements.
A planning application is being worked up for submission later this year. Located on the A10 at Cheshunt, three miles off junction 25 of the M25 and 15 miles north of central London, Brookfield will achieve town centre status through Broxbourne Council’s new Local Plan and Brookfield Riverside will sit adjacent to Brookfield Garden Village, the councils’ 300-acre residential site which will accommodate 1,250 new homes. The developers’ appointment follows a competitive procurement process which took place last year.
Chris Geaves Chief Executive of Sovereign Centros commented: “This is a truly exciting development. It’s groundbreaking and will be a new concept for retail and leisure in an area of the country where there is little competition and a very wealthy catchment of 1.5 million people within a 30 minute drive time with a market potential spend of £1 billion.
“The local population is also predicted to grow by 12% which all bodes well for the project. We have already been approached by some powerful retail names who are keen to talk to us and we will be progressing those throughout the year. There are few locations left in the UK which can genuinely be classed as having an under-provision for retail and leisure but this area most certainly has.”
Ralph Jones of Peveril Securities commented: “This shows commitment from all parties that, in a time of great uncertainty, there is appetite for the right sites to come forward for large scale development. We are confident that Brookfield Riverside will become a leading retail and leisure destination, championing a new town centre model that works for both the retailers and their customers.”
Lewis Cocking, Leader of Broxbourne Council said “We are delighted to be working with Sovereign Centros and Peveril Securities on this project which will benefit the Borough and beyond”.
“A development at Brookfield has long been an ambition of the Council. It is crucial for the long-term economic recovery of the Borough post COVID-19 and will create over 2,000 new jobs during and after its development.
“Brookfield Riverside will provide an opportunity for local people to access a range of shopping and leisure facilities, including a cinema in a high-quality, sustainable location”.
David Williams, Leader of Hertfordshire County Council said: “We’re excited to be working in partnership with Sovereign Centros and Peveril Securities on this major new mixed-use development. The Brookfield Riverside project will be transformative and will make an important contribution towards our recovery following the economic impact of COVID-19.”
“Our vision for good growth in the county is to build a bright future for everyone, ensuring we provide sustainable communities where families can live, learn and work all in one place. This development agreement means that we, alongside the Borough of Broxbourne, can provide new infrastructure that is capable of supporting our growing population.”
Architects for the project are Lyons Sleeman Hoare. Broxbourne Borough Council and Hertfordshire County Council are being advised by Cushman and Wakefield, Sovereign Centros and Peveril Securities by Knight Frank.