Hammerson will focus on commercial element while Multiplex concentrates on residential side of 240-hectare development.
Hammerson plc and Multiplex Group are to join forces on the proposed regeneration of a 240-hectare site in Cricklewood in north-west London.
The decision follows Multiplex Group’s purchase of Pillar Property’s interest in Cricklewood Regeneration Limited, the joint venture responsible for developing the area.
Hammerson and Multiplex will submit a planning application at the end of 2005. They are currently working on proposals in consultation with both Barnet Council and the Greater London Authority, and say the mixed-use scheme could include up to 5,500 homes and 40,000 square metres of offices.
Initial work on the site, which spans the north circular close to the Brent Cross shopping centre, could start as early as 2007. While the two firms will jointly manage the project, Hammerson will lead the commercial elements of the scheme, and Multiplex the residential parts.