£1bn Croydon shopping centre start pushed back to 2017

Aaron Morby 2 years ago
Share

Developer Hammerson has put back until next year the construction start on its £1bn scheme to redevelop Croydon’s Whitgift shopping centre.

Hammerson is in ongoing talks with anchor tenants for the new shopping centre

The project is one of three major schemes Hammerson plans to start in 2017 with a combined construction cost of up to £1.4bn.

Unveiling pretax profits up 4% at £730m this morning, the specialist shopping centre developer said delays in planning and ongoing discussions with tenants meant the Croydon scheme would now start construction in 2017 rather than this year.

It is the second time the developer in joint venture with Westfield has pushed the ambitious scheme back a year.

“Given the extended planning process and discussions with a number of potential anchor tenants, the scheme timetable has been revised,” confirmed Hammerson this morning.

“Works are now expected to start in 2017 with potential completion in 2020/21.”

The joint venture developers plan to redevelop and combine Croydon’s current shopping centres – the Whitgift Centre and Centrale – to create a mixed-use town scheme of around 2m sq ft, which will include retail, leisure and residential with the potential for hotels and offices.

David Atkins, chief executive of Hammerson, said: “Looking ahead, while we recognise the global economic and political uncertainties, we remain confident that the business will continue to deliver sustainable, attractive returns.”

He also confirmed that Hammerson in joint venture with Ballymore is also hoping to start its £800m Goodsyard scheme on the London City fringe in Shoreditch next year.

Last September, the Mayor of London called in the 2.8m sq ft mixed-use development due to non-determination by local planning authorities Hackney and Tower Hamlets.

Bishopsgate-Goodsyard-PL-credit-Hammerson-and-Ballymore

Goodsyard plan includes a 220,000 sq ft retail ‘village’, 1,350 flats and substantial public realm including a new park.

The developer said it was now working to achieve the planning consent by Spring 2016 enabling a potential start on-site in 2017.

It is also hoping to start the 1m sq ft Brent Cross shopping centre extension and refurbishment next year, subject to CPO power being granted for development land at an inquiry in May.

Brent Cross Cricklewood

If all goes to plan the revamped Brent Cross sopping centre could open in 2021

 

Latest news

Chancellor unveils £44bn Budget housing boost

Government aims to build 300,000 homes a year by mid 2020s
5 hours ago

Government to opt for offsite construction by 2019

Infrastructure schemes to favour modern methods of construction within two years
3 hours ago

Budget backs plan for “Silicon Valley” from Oxford to Cambridge

Government commits cash and calls for investors to get involved with new plans
4 hours ago

Final go-ahead for UK’s second tallest skyscraper in Croydon

Work to start on 68-storey twin tower scheme next summer
11 hours ago

Construction delays hit £30m Aberdeen Art Gallery revamp

McLaughlin & Harvey job to open at least a year late
8 hours ago

McMullen Facades follows Lakesmere into administration

Firms circle to buy profitable cladding arm from administrators
1 day ago

Clugston set to start £1.2bn Lincolnshire Lakes project

Excavation and engineering works set to begin early next year
1 day ago

Van Elle boss to step down

Chief Jon Fenton to leave for family reasons as former owner plots boardroom coup
11 hours ago

Ban for dry lining boss who failed to declare £1.9m to HMRC

Seven-year director disqualification for Manchester specialist
11 hours ago

Derwent gains planning for two London schemes

Two West End projects will not start until early years of next decade
11 hours ago

Site discharge costs house builder £120,000

Environment Agency sends warning to construction companies in latest court case
12 hours ago

Sisk tipped for £88m Gatwick Airport hangar

Firm closes in on huge Boeing GoldCare hangar
1 day ago

Willmott Dixon to build first Passivhaus secondary school

Builder to start work on £36m Harris Academy Sutton in the New Year
1 day ago

Boost your online presence with the new Enquirer Directory

New site for suppliers and buyers will showcase their products, services and latest stories
3 weeks ago

18 jobs at risk as London roofing specialist fails

Essex-based Superior Roofing & Building Services placed in administration
1 day ago

Accounting watchdog launches probe into Mitie’s books

Investigation into preparation and approval of contractor’s 2016 financial statements
2 days ago

Severfield to supply small steelwork fabricators

Half-year profits soar as Severfield unveils plan to supply steel to small project
1 day ago

Renew profit slides after £6.4m gas mains exit hit

Flowing AMP6 water work boosts engineering services revenue
1 day ago

£200m funding green light for Midland Metro extension

Theresa May launches £1.7bn city transport funding pot
2 days ago

Lendlease confirms £440m order for two London jobs

Order book swells with major Euston office revamp and 43-storey Pan Pacific hotel and flats
2 days ago

Union demands urgent talks over threat to Carillion jobs

Union Unite seeks meeting after profit warning and latest debt figures
2 days ago

Over 80 jobs lost as historic builder goes under

Around 80 job losses as Knowles & Son (Oxford) falls into administration
2 days ago

Clancy Docwra breaks even as profits slide

Civils firm caught in two significant contractual disputes
2 days ago

Wates bags one of Birmingham’s tallest resi buildings

Developer Regal signs £32m deal for second tower at Broad Street
2 days ago

Green light for Salford resi block trio

Developer Select Property will pick a contractor for Embankment West by the Spring
2 days ago

GF Tomlinson wins £16m Nottingham Uni biosciences job

Work is due to start on new laboratories and lecturer theatre in early 2018
2 days ago

Carillion warns on profits again as it breaches banking covenants

Contractor asks for more time from lenders as debts set to soar up to £925m
5 days ago

Chancellor vows to build 300,000 homes a year

Treasury reported to have found £5bn boost for housing schemes
2 days ago

Kier wins £35m Clydebank hospital project

Kier to start work early next year on first of two treatment centres for Golden Jubilee hospital
5 days ago

M&E specialists suffering from blight of retentions

Nearly a third of firms have up to 10% of their turnover locked-up in retentions
5 days ago

Contractor services