Referral of the proposed subsidy to Related Argent Property Limited Partnership by the London Borough of Barnet
The Subsidy Advice Unit (SAU) has published a report providing advice to the London Borough of Barnet (LBB) concerning its proposed subsidy to Related Argent Property Limited Partnership.
Administrative timetable
| Date | Action |
| 29 February 2024 | SAU’s report published |
| 2 February 2024 | Deadline for receipt of any third-party submissions (submissions after 5pm on this date cannot be taken into account) |
| 19 January 2024 | Beginning of reporting period |
Final report
29 February 2024: The SAU has published its report providing advice to LBB concerning the proposed subsidy to Related Argent Property Limited Partnership. The report sets out our evaluation of LBB’s Assessment of Compliance of its proposed subsidy with the requirements set out in the Subsidy Control Act 2022.
- (29.2.24)
Request from London Borough of Barnet
19 January 2024: The SAU has accepted a request for a report from London Borough of Barnet (LBB) for its proposed subsidy to Related Argent Property Limited Partnership. This request relates to a Subsidy of Particular Interest.
The SAU will prepare a report, which will provide an evaluation of LBB’s assessment of whether the subsidy complies with the subsidy control requirements (Assessment of Compliance). The SAU will complete its report within 30 working days.
Information about the subsidy provided by London Borough of Barnet
London Borough Barnet Council propose to provide Related Argent Property Limited Partnership with £100m of short-term loan funding for part of the Brent Cross & Cricklewood Regeneration project. The loan is assessed to comprise a subsidy value of £17.46m and is intended to be awarded in March 2024.
The loan aims to unlock construction of a new office/flexible workspace building at Plot 1 of a new Station Quarter. Sheffield Hallam University has committed to take 110,000 sq.ft. in the building for its new London Campus.
This first office plot is expected to generate confidence in the wider new business district at Brent Cross Town and, in turn, provide a focus for attracting inward investment and creating high quality, higher paying employment within the Brent Cross Town area.
Information for third parties
If you wish to comment on matters relevant to the SAU’s evaluation of the Assessment of Compliance concerning London Borough of Barnet’s proposed subsidy to Related Argent Property Limited Partnership please send your comments before 5pm on the date stipulated in the timetable above. For guidance on representations relevant to the Assessment of Compliance, see the section on reporting period and transparency in the Operation of the subsidy control functions of the Subsidy Advice Unit.
Please send your submissions to us at BrentXdevelopment2024@cma.gov.uk, copying the public authority david.childs@barnet.gov.uk.
Please also provide a contact address and explain in what capacity you are making the submission (for example, as an individual or a representative of a business or organisation).
Notes to third parties wishing to make a submission
The SAU will only take your submission into account if it can be shared with London Borough of Barnet. The SAU will send a copy of your submission to London Borough of Barnet together with its report. This is to allow the public authority to take account of the submission in its decision as to whether to grant or modify the subsidy or its assessment. We therefore ask that you provide express consent for your full and unredacted submission to be shared. We also encourage you to share your submission directly with London Borough of Barnet using the email address provided above.
The SAU may use the information you provide in its published report. Therefore, you should indicate in your submission whether any specified parts of it are commercially confidential. If the SAU wishes to refer in its published report to material identified as confidential, it will contact you in advance.
For further details on confidentiality of third party submissions, see identifying confidential information in the Operation of the subsidy control functions of the Subsidy Advice Unit.
Contact
- CMA press team: 020 3738 6460 or press@cma.gov.uk
Updates to this page
Last updated 29 February 2024 + show all updates
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Final report published.
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First published.