£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

Colas and Volker to exit huge London highways contract

CVU joint venture and TfL agree to part company early on eight-year framework
16 hours ago

Lendlease on board for £4bn London Euston district

Arup and Grimshaw will now work on Euston over station and new HS2 station
7 hours ago

Carillion cracked hospital beams remedial work unfinished

Auditors and pension regulator heavily criticised by MPs
17 hours ago

Amey Rail snaps up Carillion rail projects saving 700 jobs

Projects in the East Midlands, London and North West England back on track
23 hours ago

Willmott Dixon gets start date for £49m Colston Hall revamp

Work to start in June on major regeneration for Bristol landmark
8 hours ago

Betting Spy: England to win the Calcutta Cup

England can cover the handicap in the Six Nations while West Ham have it all to do as usual at Anfield
9 hours ago

Carillion bosses dodge pension black hole

Accounts show one pension scheme was in surplus while the rest had an £800m deficit
1 day ago

Morgan Sindall profits soar as margins restored

Fit-out and construction deliver strong profit growth as 2018 set to be bumper year
24 hours ago

Boost your online presence with the new Enquirer Directory

New site for suppliers and buyers will showcase their products, services and latest stories
4 months ago

Centre Point Tower developer claws back £1m from McAlpine

McAlpine counts cost of row over design and build or construction management route for London tower
23 hours ago

Sisk vows to complete joint venture jobs after Lagan collapse

Contractor will complete Highways England schemes on its own
2 days ago

Suspended sentence for scaffolder spotted without harness

Court hears how experienced worker chose to ignore safety rules
1 day ago

Construction slave labour ring smashed in East London

Fifty Eastern European workers saved after exploitation on sites
2 days ago

GRAHAM wins £86m Liverpool build to rent tower

Demolition work to start on waterfront site this month
2 days ago

Interserve to close power lines operation axing over 70 jobs

Power transmission firm to be wound down over next few months
2 days ago

Lagan puts construction arms into administration

Up to 200 jobs at risk as construction and building divisions hit by delays and disputes
3 days ago

Barratt looks to new building methods to boost volumes

Completions creep up by 2% as UK's largest house builder looks to use more offsite construction
2 days ago

BAM counts cost of weaker pound

UK business pre-tax profit slip of 7% to £35m due to exchange rate change
2 days ago

Galliford Try clinches £55m Leamington Spa housing project

Partnerships arm will build 375 homes for Waterloo Housing Group
2 days ago

Green light for London Deutsche Bank HQ

Developer Landsec says construction to continue once substructure is complete next March
2 days ago

Highways England calls bids for £326m Area 10

Hunt starts for maintenance and response contractor in north west
3 days ago

Carillion directors ‘contemptuous’ of pension funding

Carillion trustees alerted watchdog twice over pensions shortfall to no avail
3 days ago

Civils to start on £160m Yorkshire shopping centre

Advanced highways and infrastructure work to start this summer
3 days ago

Liverpool advances £700m Festival Park redevelopment

Willmott Dixon to carry out enabling works around Festival Garden dome base
4 days ago

Consultant Dar to build new Holborn HQ

Hunt on for contractor as Currie & Brown owner plans UK expansion
3 days ago

Another 152 Carillion staff axed taking job toll to 1,141

Staff told to pack up as fresh wave of job cuts unveiled today
4 days ago

Mace lands £350m Stevenage town centre revamp

Council picks winning developer for major town centre regeneration
4 days ago

Construction cartel whistleblowers offered £100k for tip-offs

Competition and Markets Authority targets construction in latest crackdown
4 days ago

Balfour sells another stake in M25 for £42m

Cash will be used to pay down borrowings as sell-off of infrastructure assets continues
4 days ago

Major Carillion shareholder considered suing directors

Enquiry hears how investors were "fleeing for the hills" before board admitted problems
4 days ago

Contractor services