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Croydon town centre and its economy are set to be transformed with £1 billion of investment, the Mayor Boris Johnson announced today.
With his assistance, international retail developers Westfield and Hammerson plc have agreed to enter into a 50/50 joint venture and will now develop the centres together.
Both developers had been working with the Mayor, in his role as London's Strategic Planning Authority, and Croydon Council on their respective schemes but the joint venture agreement marks a major step towards securing the future of Croydon's retail core through this £1 billion regeneration scheme.
The proposed redevelopment means that the many regeneration successes achieved by both developers can be repeated in Croydon once a successful planning application has been approved. Westfield and Hammerson plc have already delivered significant regeneration through retail development centres across London and in major UK cities including Derby, Birmingham, and Southampton. It is expected that the proposals for Croydon would support thousands of jobs during the construction phase and a further 5,000 long term jobs after completion providing a massive boost to the local economy as well as attracting thousands of new visitors and transforming the riot-hit town centre for ever.
Mr Johnson said: "Croydon has huge potential to return to its former glory as one of London's most vibrant town centres, and a major driver of its economy. The redevelopment of the Whitgift Centre at its heart is crucial to this vision.
"Westfield and Hammerson's innovative developments have breathed new life into long neglected corners of cities across the country, creating thousands of jobs and delivering growth that will soon be repeated in south London.
"It is great news that these two international developers are coming together to drive forward this vital regeneration and put Croydon at the heart of London’s future prosperity, building confidence for investors and local people in one of the capital's most important town centres."
(CD)
