13th September 2021
Property Asset Management | Brookfield Riverside | Sovereign Centros
A key milestone has been reached for two major developments in Cheshunt with the completion of a collaboration agreement between Hertfordshire County Council and Broxbourne Borough Council.

This agreement establishes the formal partnership between the two councils to drive forward the delivery of the £400million mixed-use scheme at Brookfield Riverside and the adjacent Brookfield Garden Village site, where 1,250 new homes will be built.

Located at the Turnford interchange on the A10, three miles north of junction 25 of the M25, the 50-acre Brookfield Riverside site is envisaged to include up to 315,000 square feet of retail space, 250,000 sq ft for leisure, restaurants and a cinema, 160,000 sq ft of offices, approximately 250 homes and 100 assisted living units, a 2,500-space car park and major improvements to public space. The development will also create 2,000 permanent jobs. The councils’ development partners are property asset managers Sovereign Centros and Peveril Securities.

Both sites, which spread across 330 acres in total, make up the ‘Brookfield’ development, which will benefit from an improved road infrastructure. Brookfield will create a new town centre and adjoining community for the borough.

Richard Roberts, Leader of Hertfordshire County Council, said:

“The completion of the collaboration agreement for Brookfield is a hugely significant step forward in the process of delivering this innovative and exciting scheme, which demonstrates our commitment to ensuring Hertfordshire remains a wonderful place for families to live, work and learn.

“We’re continuing to develop a new approach of close collaboration between councils, nurturing strong partnerships locally in order to strengthen decision-making, improve engagement with local people, and build a strong sense of place in communities.

“Our vision is to work together to ensure Hertfordshire is home to well-designed, sustainable communities, and both the Riverside and Brookfield Garden Village developments are wonderful examples of how we’re preparing to put the infrastructure in place to make our residents’ lives even better.”

Lewis Cocking, Leader of Broxbourne Borough Council, said:

“The vision for Brookfield has never been closer to becoming a reality and the signing of the collaboration agreement is a significant milestone for this project, marking the beginning of a formal partnership between the two councils which will enable the project to be brought to fruition.

“The Brookfield Riverside development, together with the Brookfield Garden Village, will create a vibrant town centre where businesses will want to locate and residents will want to visit.

“More than 2,000 new jobs will be created which, together with our other plans for economic growth, will go a long way in enabling us to build back better in the recovery from the COVID-19 pandemic.”

Chris Geaves, Chief Executive of Sovereign Centros, said:

“We are delighted this milestone has been reached and are now looking forward to progressing the project to achieve planning consent. We have always viewed this site as being located in precisely the right location in terms of its catchment and the potential demand from occupiers.”

Planning applications for the sites are expected to be submitted early in 2022, with a public exhibition taking place beforehand.