£1bn Croydon shopping centre start pushed back to 2017

Aaron Morby 4 months ago
Share

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

31-cr-whitgift-quarter-2
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

Murphy finance chief becomes new Barhale CEO

Matthew Behan to lead contractor as new corporate structure established to broaden portfolio
5 hours ago

Willmott Dixon abandons sale of support services arm

Contractor decides to keep division after bidders wanted to break-up maintenance operation
8 hours ago

Currie & Brown trumps WSP bid for Sweett Group

WSP raises prospect of a bid war as it tells Sweett shareholders to sit tight
10 hours ago

Suppliers hit as HOC goes into administration

Redundancies at north London firm as subcontractors left in dark
12 hours ago

Student digs developer shrugs off Brexit worries

Empiric confident EU vote will have limited impact on expanding sector
13 hours ago

Brexit leaves Heathrow third runway in the air

Fears grow about the future of major infrastructure projects
13 hours ago

Bid costs dent Hochtief UK profits

Operating margin drops to 0.7% as profit falls 45% to below £1m
12 hours ago

Breakaway trade body formed by rebar producers

Independent rebar producers and suppliers split with BAR
12 hours ago

Sinkhole closes busy stretch of A1

Contractors pumping huge hole with concrete in bid to reopen route
22 hours ago

Lendlease to start £275m Hammersmith scheme

Construction to start next month on major office project
3 days ago

Contractors call for calm as Brexit victory spooks markets

Construction fears over costs, skills and investment as house builder shares crash
4 days ago

Shepherd Group suffers £74m hit from sold building arm

Strong profits at remaining Portakabin business help to cut group loss to £28m
4 days ago

Bidding set to start on £2bn East London cultural quarter

London Legacy Development Corporation set to procure shell and core work
4 days ago

Building worker critical after being crushed by JCB

Digger at Hebburn housing site believed to have reversed into worker
4 days ago

Plant test cheats website dodges closure threat

CITB chiefs battling to close down site undermining tests for machinery drivers
4 days ago

Green light for £18m Midland Metro extension

Preparatory utility diversion works to start immediately
4 days ago

Hill wins approval for £100m east London housing scheme

Work to start on Walthamstow triple towers this autumn
4 days ago

Construction workers win inflation busting pay rise

Deal agreed but unions warn pay agreement is "no longer fit for purpose"
5 days ago

Cameron resigns as exit vote sends markets crashing

New Prime Minister to be elected by October
3 days ago

Costain to use more drones to make sites safer

Unmanned aerial vehicles can take on hazardous tasks
5 days ago

Bowmer & Kirkland profit jumps by almost half

Derbyshire private builder lifts profit to nearly £40m
5 days ago

Plans for £250m Liverpool resi towers trio

Liverpool developer Elliot plans cluster of 34-storey towers
5 days ago

Specialist wins low road tender court hearing

Judge rules against public client who rejected "abnormally low" bid from FP McCann and Balfour Beatty
5 days ago

Yorkshire plumbing contractor sinks

More than 100 jobs cut after firm fails to reach agreement with HMRC over tax arrears
5 days ago

Bid race starts for £20m Luton science block

University of Bedfordshire will appoint a contractor in September
5 days ago

Betting Spy: Roy’s luck set to run out against France

Quarter Finals could be our Waterloo while Croatia are an attractive price to see off Portugal
4 days ago

Wates wants to meet local suppliers

Meet the Buyer event for local firms to be held on the WIrral: Register now
5 days ago

“Pop up” rail depot sends aggies to North West sites

Temporary plant saves thousands of HGV journeys across region
5 days ago

Morgan Sindall reopens Kent precast plant

Plant remobilises after big order for Tube Northern Line Extension tunnel extension rings
5 days ago

Wolverhampton Uni plans to invite bids for £20m project

Construction of School of Architecture and Built Environment to start in March
5 days ago