Pillar exits regeneration project
Australian contractor and developer Multiplex has bought Pillar property's 50 per cent stake in the Cricklewood regeneration project in northwest London for£18.6 million. It will now work with Hammerson, owner of the other 50 per cent, to take the£3 billion development forward.

The aim is to create a new town centre, with retail and leisure space alongside 5,500 homes. The project is located to the south of the capital's North Circular Road, immediately opposite the Brent Cross Shopping Centre. Work could begin on site as early as 2007.

Hammerson will lead the commercial elements of the scheme, with Multiplex taking on the residential component. Hammerson chief executive John Richards said: 'Hammerson's 50 per cent interest in Cricklewood regeneration complements the group's other interests in this area, which include a 41 per cent interest in the 860,000 sq ft [79,895 sq m] Brent Cross Shopping Centre and the 95,000 sq ft [8,825 sq m] Brent Cross Shopping Park, which are central to the future development proposals for the area.'

Multiplex signalled its intention to become a force in the UK development sector earlier this year by participating in the break-up of Chelsfield, giving it exposure to the massive retail schemes at White City in west London and Stratford City in east London.