Development Agreement in relation to Great North Leisure Park and Finchley Leisure Centre

Description

II.1.4) Short Description: The project is for the development of the site to the north of the Great North Leisure Park, Finchley, London. The London Borough of Barnet (LBB) intend to enter into a development agreement with Regal GNLP Limited. LBB is the freeholder of a large area of land including the Great North Leisure Park (“GNLP”) and the Developer owns a long headlease of GNLP and a headlease of land to the north of GNLP (known as Glebelands). Part of the land comprised within the Headlease, is subject to an underlease back to LBB of the current Finchley Leisure Centre. The developer intends to develop a residential led mixed-use scheme on the GNLP site, including the plot occupied by the current Finchley Leisure Centre. LBB has identified that the site to the north of GNLP can accommodate a replacement leisure centre to the current Finchley Leisure Centre and is attracted by this opportunity to refresh facilities and make a step-change in local leisure provision. Lot 1: The project is for the development of the site to the north of GNLP. Under the development agreement the parties will vary the Headleases to accommodate a proposed development on the Developer’s site. The Developer will surrender a strip of land to facilitate the development of a Leisure Centre and build the Leisure Centre on the former bowling green site owned by the Council to the north of GNLP. The estimated value of the Leisure Centre is £45MexcVAT. The Leisure Centre will be part funded up to £29M by the developer through land receipts. An alternative scheme in contemplation is a smaller leisure centre with fewer facilities offering a lower cost option in the range of £29–45M. The development is subject to various conditions (planning, funding and ground investigation) and will contain protections if the development of the Leisure Centre does not proceed. This may include a smaller leisure centre or surrender of the lease and retaining the site of the current Leisure Centre. Additional information: Authorisation to proceed with Development Agreement Decision - Great North Leisure Park (GNLP) and Finchley Lido Leisure Centre - Development Agreement (DA) can be accessed by copy and pasting the following into web brower search https://barnet.moderngov.co.uk/ieDecisionDetails.aspx?ID=9506