Councils Select Development Partner

Aeriel view of proposed Riverside development

Broxbourne Borough Council and Hertfordshire County Council have selected Sovereign Centros as their development partner for a £400 million mixed use scheme at Brookfield Riverside, Cheshunt, Herts

Broxbourne Borough Council and Hertfordshire County Council have selected Sovereign Centros as their development partner for a £400 million mixed use scheme at Brookfield Riverside, Cheshunt, Hertfordshire.

Located at the Turnford interchange on the A10, and just three miles north of junction 25 of the M25, the 50-acre Brookfield Riverside site is regarded by many as one of the most attractive development opportunities of its kind in the country.

The site forms part of a much larger development – ‘Brookfield’ – comprising 330 acres in total, which will see 1,250 new homes constructed in the adjacent Brookfield Garden Village as well as around 250 dwellings within Brookfield Riverside itself. With the benefit of an enhanced road infrastructure and potentially Crossrail 2, the area is planned to become what will effectively be a new town centre and adjoining community for Broxbourne. 

With its proximity and connectivity to central London, the site is perceived to be very attractive to potential occupiers. The development will create a totally new identity for the area, with buildings and an associated environment of the highest quality and will generate 2,000 new jobs

Sovereign Centros’ appointment follows a competitive tendering exercise run by the Councils’ advisers, Cushman & Wakefield. 

The Leader of Broxbourne Borough Council, Councillor Lewis Cocking commented: 

“This will be one of the most exciting projects that has been seen in Broxbourne for many years. It will provide an opportunity for local people to access a range of leisure facilities, including a cinema, as well as jobs, homes and shopping closer to home; all in a high-quality, sustainable location. I am confident that it will enhance the perception of the Borough and make it an even better place to live, work and invest.”  

 Councillor David Williams, Leader of Hertfordshire County Council, said: 

“The Brookfield Riverside scheme is an exciting project which demonstrates our commitment to keeping Hertfordshire a wonderful place to live and work for current residents and future generations.Our vision is to focus on supporting the development of economically, socially and environmentally sustainable communities - where families can live, learn and work all in one place. Local jobs are crucial to achieving sustainable growth. Both the Riverside and Brookfield Garden Village developments are great examples of how we’re preparing to put the infrastructure in place to make our residents’ lives even better. We could have 175,000 more people living in Hertfordshire by 2031, so we must be ready to support them by addressing key issues like transport, schools and healthcare services.”

Chris Geaves, Chief Executive of Sovereign Centros, commented

“We are absolutely delighted to be chosen as the Councils’ partner. It has been refreshing to work with a team who are so focused and intent on delivery. This is an amazing opportunity to develop in a very underdeveloped and untapped segment of the country on the edge of London to create a development which is really different to that anywhere else in the UK. 

The mixed use nature of the scheme will be hugely appealing and it will recognise and address in particular how retailing and leisure is changing and provide something which is totally appropriate and relevant but equally exciting. We are really looking forward to taking it forward”.  

Paul Ellis, Partner at Cushman & Wakefield said

“This demonstrates that, despite the well-rehearsed challenges in the retail and leisure sectors at present, there remains strong interest in retail and leisure development, provided they are incorporated in the right overall scheme concept; that the opportunity itself has the right ingredients for success; and is structured in the right way. 

Both Councils have adopted a proactive, entrepreneurial approach to Brookfield, and this was an integral aspect in attracting not just Sovereign Centros, but those other Parties which put forward proposals”.

Cushman & Wakefield are retained to support the Councils in implementing both Riverside, and the wider Brookfield Project.  

 

About Sovereign Centros:

With a 30-year track record in the UK retail market, Sovereign Centros is one of the country's most exciting and fastest growing independent real estate companies.

With more than £2 billion of assets under management and a development programme of more than 4 million sq ft, Sovereign Centros specialises in retail, leisure and mixed-use property with a focus on shopping centres and

retail parks. 

Published: July 17th 2019