B&K backs £400m Hertfordshire town centre scheme
A joint venture between Bowmer & Kirkland’s property arm Peveril and retail developer Sovereign Centros has secured the development partner role for a £400m town centre retail and leisure scheme in Hertfordshire.
Brookfield Riverside will act as a new town centre retail and leisure hub in Hertfordshire
The partners will deliver the masterplan and phase one hub for Brookfield Riverside, a planned new town centre for Broxbourne and its local area in Cheshunt.
The planned major new retail and leisure development just outside the M25 will anchor a bigger garden village.
Brookfield Riverside is expected to have a development value of £250m-£400m
The Borough of Broxbourne and Hertfordshire County Council are driving forward the plans to create 230,000 sq ft of retail, 250,000 sq ft of leisure and a new 100,000 sq ft civic headquarters.
Phase one plans also include 200, homes, 100 assisted living units, a 2,500 space car park and a major public realm development.
The councils picked Sovereign Centros 18 months ago to lead the scheme but now Peveril has now joined to help fund the new joint venture developer.
The site is the key part of a much larger 330-acre development plan to construct Brookfield Garden Village, a 1,250-home scheme to the north of the planned Riverside shopping and leisure development.
A new link road will also be built to connect Brookfield Riverside to the Turnford Interchange and the Garden Village.
Councillor David Williams, Leader of Hertfordshire County Council, said: “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.”