RESIDENTIAL RESEARCH FOCUS ON: AND 2017

DEVELOPMENT PIPELINE HOUSE PRICE GROWTH AVERAGE SALES PRICE MAP BRENT CROSS AND CRICKLEWOOD 2017

FIGURE 1 Brent Cross house price growth vs REGENERATION IN NORTH Barnet and Greater Indexed 100 = Q3 2011 WEST LONDON 170 rent ross Significant planned regeneration including improvements arnet 10 to amenities and infrastructure are set to transform an

150 area historically starved of residential development

140 Brent Cross and Cricklewood, located projects. ‘’ in the , a regeneration plan covering 370 acres 130 are five miles North West of central at a cost of £4.5 billion, which will be London. Regent Street, Trafalgar delivered across two sites, Brent Cross 120 Square and Buckingham Palace are South and Brent Cross London. less than 30 minutes away via the 110 Brent Cross South will see the London Underground. construction of some 7,500 new homes, 100 Development plan with building work commencing in 2018 0 and running to 2033. The new homes are 2011 2012 2013 2014 2015 201 The area is set to be home to one to be delivered across all tenure types, Source: Knight Frank Research of London’s largest regeneration with more than a third planned for the

FIGURE 2 Average sales price in the 12 months to November 2016 2016 Q32016 Q22016 Q12015 Q42015 Q32015 Q22015 Q12014 Q42014 Q32014 Q22014 Q12013 Q42013 Q32013 Q22013 Q12012 Q42012 Q32012 Q22012 Q12011 Q42011 Q3 Q42011 Q12011 Q22012 Q32012 Q42012 Q12012 Q22013 Q32013 Q42013 Q12013 Q22014 Q32014 Q42014 Q12014 Q22015 Q32015 Q42015 2016 Q12015 Q22016 Q32016

Source: Knight Frank Research

2 Please refer to the important notice at the end of this report BRENT CROSS AND CRICKLEWOOD 2017 RESIDENTIAL RESEARCH

private rented sector, and a further 1,100 see the shopping centre double in size infrastructure are likely to underpin values units for affordable rent. and capacity. Scheduled for completion in the local area, particularly as house price in 2022, plans are in place to provide a growth has not kept up with the wider Historically, new homes supply has been further 200 retail units, 40 restaurants market in recent years. Over the last five low, with just 362 homes built within a one years, house prices have increased by 58% mile radius of Brent Cross Underground – as part of a new food quarter in the London borough of Barnet and 61% Station between 2012 and 2016 (figure – a multiplex cinema and hotel across London. In Brent Cross, house price 4) – an average of 72 homes a year. accommodation. Stalwarts John Lewis growth over the same period stands at Meanwhile, just 430 homes were built and Fenwick will remain in situ, with 50%, and 59% in Cricklewood (figure 1). within a one mile radius of Cricklewood a wide range of new retailers to be announced during the expansion works. Railway Station over the same period. Transport As shown in figure 3, some 60% of the This will provide a significant uplift to area’s housing stock was built before the the quality and quantity of Brent Cross’s The area is currently served by Brent start of the Second World War. retail amenity. Cross Underground Station on the Northern The increased development activity Line, with both the West End and City of and the parallel uplift to the area’s Public Realm amenity and infrastructure has attracted The wider masterplan for Brent Cross additional development activity beyond also sets out plans to enhance the FIGURE 3 the regeneration plans. A further Housing stock by age, public realm. A new town centre is to be eight developments are either under Brent Cross and Cricklewood created around a new high street, flanked construction or have planning permission by shops and restaurants, leading to within the vicinity of the regeneration the revamped shopping centre. This will area, and are expected to deliver over incorporate a “Living Bridge” that will 500 new homes. 60.8% pass over the North Circular, one of More widely, Barnet has been one of the the capital’s main road arteries running more active local authorities in London through North London. in terms of residential development in Furthermore, three schools within the recent times, with 5,400 new homes masterplan area will be re-built, two of built in the last four years. However, this has still been lagging demand, as over which will be expanded to create extra the same period, household growth capacity for new residents moving into projections from the Greater London Brent Cross. Meanwhile, a new riverside Authority (GLA) highlighted an estimated park, alongside improvement works to 21.3% 11,000 new homes were required Sturgess Park, will see a substantial 5.3% between 2012 and 2016. increase in access to green public space 12.6% in Brent Cross and Cricklewood. Looking ahead to future supply within Pre 1900 1900-1939 1945-1972 1973-Present the borough, the development pipeline As the regeneration works progress, the – that is, all residential units under enhanced and expanded amenities and Source: Knight Frank Research construction or with planning – is 22,000 units. However, figures from the GLA, FIGURE 4 based on 2015 projections, show that Brent Cross and Cricklewood Development Pipeline this still falls someway short of the One mile radius from Brent Cross Underground Station and Cricklewood Railway Station projected 26,000 growth in new households over the next decade alone. Amenity and infrastructure The second part of the regeneration at Brent Cross Cricklewood, Brent Cross London, will focus on the redevelopment and expansion of Brent Cross Shopping Centre. At the time of opening in 1976, BUILT UNDER NOT the shopping centre was the first out-of- 2012-2016 CONSTRUCTION STARTED town mall in the UK. 792 UNITS 558 UNITS 8,186 UNITS As part of a joint venture between Hammerson and Standard Life Investments, a £1.4 billion investment will Source: Knight Frank Research

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