Leaseholders of The Spires Shopping Centre in administration – Chipping Barnet Town Team seeking full explanation 

A renewed attempt is being made to get up to date information on the future ownership of The Spires Shopping Centre in High Barnet following a second intervention by the High Court appointing administrators for companies involved with its leases.

Purchase of The Spires for £28 million in 2021 was made in the name of BYM Capital which went into administration in 2023.

Freehold of The Spires’ site is owned by Barnet Council.

Companies House has now confirmed new administrators have been appointed to take control of NEG The Spires Ltd, named as the holder of the leases.

An associated company NEG Barnet Market Ltd, which owns the freehold of the former site of Barnet Market, is also under the control of the same administrators.

Given the new situation and the possibility, the adjacent sites could now be split up – and the added grave uncertainty about the future of one of the town’s key assets – the Chipping Barnet Town Team is seeking to make contact with the new team of administrators.

“Community groups and other key stakeholders in the town are desperate to find out what is going on,” said town team secretary Eamonn Rafferty.

“We have all been left in the dark for far too long.”

“Bearing in mind the strategic importance to the town of The Spires precinct of shops, the Waitrose supermarket and the multi-storey car park, we think the Town Team must be consulted before any key decisions are taken about their future.

“We want to know more about the options being considered by the administrators. If there is a complicated break-up of the assets it could put the future of the entire shopping centre at risk.”

Barnet Councillor David Longstaff, a member of the Town Team, and the Chipping Barnet MP Dan Tomlinson, have both indicated they will try to gain more information. 

When administrators were first appointed in November 2023, Barnet Council – which owns the freehold of The Spires’ site – insisted that there would be no interruption in the running of the shopping centre.

Operation of the centre and its facilities such as public conveniences – conducted through the management of Savills Property Management – was said to be the responsibility of a separate company which the council had been assured was not in the hands of the administrators and would continue without interruption.

FMX Urban Property Advisers, which took on responsibility in March 2024 for leasing retail units in the shopping centre, told the Barnet Society that it was “business as usual” when it came to seeking for new tenants for vacant outlets.

“Our role as letting agents is not affected” said FMX.

In promotional material, it describes The Spires as a “primary retail destination…boasting an affluent surrounding catchment and benefiting from excellent transport links and a 440-space multi-storey car park”.

FMX said their instructions were to help implement a “dynamic and proactive retail strategy” for The Spires.

Prior to going into administration BYM Capital held discussions with Barnet Council and public consultations about possible redevelopment.

There were proposals – about which nothing further has been heard – to convert the shopping centre into a new retail thoroughfare with blocks of flats and shops below together with more flats above the car park and on the site of the former market.

Currently the market site is a car park operated by Britannia Parking, which also operates the multi-storey at the shopping centre.

Concern over how best to safeguard the future of the shopping centre, prompted the formation of a resident’s “Save The Spires” campaign which handed out leaflets calling on Barnet Council to take active steps to preserve “a safe, quiet and much used” civic space at the heart of High Barnet.

Covered walkways and squares within the shopping centre were an important amenity because they were “free of traffic and deserved to be maintained and kept open to the public”.