Sovereign Centros will be working alongside Peveril Securities in an agreement with Broxbourne Borough Council and Hertfordshire County Council to develop the £400m Brookfield Riverside shopping centre development.
It is envisaged that 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.
The team at Sovereign Centros are well equipped in handling retail and leisure development projects such as this. We have a proven ability to work with investors and councils to develop and manage shopping centre and leisure spaces that are forward thinking and focused on the needs and wants of the local community.
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.”