Hammerson and Standard Life Investments - owners of London's Brent Cross Shopping Centre - have signed a new form of co-operation agreement with the London Borough of Barnet and London Mayor Ken Livingstone, which will ensure that any extension to the mall is dovetailed with the regeneration of the Cricklewood rail lands to the south of the scheme.
A decision on Brent Cross' outstanding planning application for a 25,000 sq m extension is expected from the Office of the Deputy Prime Minister in the next few months.
But in advance of that, the landlords have agreed to fund a new£17.5 million bridge over the North Circular Road to link Brent Cross with Cricklewood.
They have also undertaken to develop no more than 50 per cent of the additional floorspace until other mixed-use development is constructed at Brent Cross.
Hammerson Director Peter Cole said: 'The agreement is evidence of our long-term commitment to the regeneration of Cricklewood. It will kickstart the essential first phase of the regeneration process with the new international standard bridge creating a visual symbol of the renaissance of the Cricklewood area.'