Chinese developer sizing up bid for 7,500-home regeneration of Brent Cross Cricklewood in north London
Chinese developer Dalian Wanda is sizing up a bid for the 7,500-home regeneration of Brent Cross Cricklewood in north London as part of a £3bn UK development push over the next five years.
Building understands Dalian Wanda is lining up a bid to acquire 50% of Brent Cross Cricklewood when incumbent developer Hammerson formally put half of their interests in the scheme up for sale on Monday (21 July).
Hammerson agreed earlier this year they would only take forward the first phase of the project - the redevelopment of Brent Cross shopping centre on the north of the site, with the centre’s joint owner Standard Life Investments - and sell their interest in the southern housing portion.
They expect to announce a shortlist of potential developer partners at the end of September.
In an interview with Building this week, Peter Amato (pictured), Dalian Wanda’s newly-appointed development director in the UK, declined to comment on the Brent Cross scheme, but said the developer is targeting developing “several schemes” within five years and has “the potential to be a formidable developer in the UK”.
The firm, which will trade as Wanda One in the UK, is currently procuring a contractor for its first UK scheme, the £400m double tower scheme One Nine Elms in Vauxhall.
Read the full interview with Dalian Wanda’s Peter Amato here