26th Nov 2013 11:38
LONDON (Alliance News) - Westfield and FTSE 100-listed Hammerson PLC said Tuesday that the London Borough of Croydon has resolved to grant planning permission to the Croydon Partnership's outline application for the redevelopment of the Whitgift Centre.
The plans to regenerate Croydon's retail town centre were agreed yesterday at a meeting of the Strategic Planning Committee.
The GBP1 billion Croydon Partnership scheme has been created to transform the town centre into a 1.5 million ft² state-of-the-art retail, leisure and restaurant site, with new car parking and up to 600 new residential units including affordable housing. The firms' said, "This will provide the kick start to Croydon's much needed regeneration and will attract new residents and visitors back to the town centre for the benefit of all local businesses whilst delivering a safe destination for families."
The planning approval is part of the Partnership's wider 2 million ft² vision to regenerate the town centre, including the adjacent Centrale shopping centre, which has planning consent for a refurbishment programme.
The scheme includes an injection of over GBP30 million towards local transport improvements, employment and training benefits.
The council has now sent out letters to all of the parties that would be affected and held preliminary talks. Following the Council's resolution to grant outline planning consent, the application will now be considered by The Mayor of London. Detailed designs for the scheme will be unveiled during 2014 and a start on site is expected in 2015.
Peter Cole, Chief Investment Officer of Hammerson, said, "Our scheme will re-establish Croydon as the retail destination of South London which will attract further investment and development. Our goal is to deliver a world-class retail and leisure destination to attract new visitors to the town and ensure Croydon regains its status as a thriving town centre. Last night's decision brings that vision one step closer to reality."
Shares in Hammerson were trading up 0.59% at 512 pence per share Tuesday morning.
By Alice Attwood; [email protected]; @AliceAtAlliance
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