Property giants join forces for £1bn Croydon revamp

Grant Prior 12 years ago
Share

Hammerson and Westfield have formed a joint venture to redevelop the retail centre of Croydon under a £1bn masterplan.

Construction is expected to start in 2015 after planning permission is secured later this year.

The joint venture plans to redevelop and combine Croydon’s current shopping centres -the Whitgift Centre and Centrale – to create a mixed use scheme of around 200,000 square metres which will include retail, leisure and residential with the potential for hotels and offices.

The deal ends months of wrangling between Hammerson and Westfield who had previously been promoting rival schemes for Croydon.

Previously competing plans


Heart of Hammerson shopping quarter plan


Westfield giant shopping mall

As part of the joint venture, Westfield has acquired a 50% interest in the £115m Centrale shopping centre from Hammerson.

The joint venture will also purchase a 25% interest in the Whitgift Centre, following completion of Hammerson’s conditional acquisition agreement with Royal London.

Westfield and Hammerson have set up a joint management company which has responsibility for development, leasing and asset management of the completed scheme.

The Partnership will engage Westfield to undertake the design and construction of the project. Hammerson will continue to asset manage Centrale and any further acquisitions prior to the development of the Whitgift Centre.

A Westfield Executive will lead the project development team and it is intended that a Hammerson Executive will lead the asset management of the completed centre.

Boris Johnson, Mayor of London, will officially launch the new joint venture today at the Fairfield Halls in Croydon.

He 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.

David Atkins, Chief Executive of Hammerson said: “We have shown our commitment to Croydon through our existing investments in the town centre and I believe that by working together we can deliver a world class scheme for retailers and residents.

“Both we and Westfield remain excited and convinced by the opportunity in Croydon, which we can now progress with clarity.”

Frank Lowy, Chairman of Westfield, said: “The £1billion redevelopment joint venture with Hammerson will provide certainty for the residents, local businesses and retailers of Croydon and the region.

“The delivery of a major retail regeneration scheme will re-establish Croydon as South London’s premier shopping district and will be a catalyst to further investment and development in the Croydon borough.

 

 

Latest news

London new home starts plunge 38% as Building Safety Act bites

Capital only region to see Q1 fall in NHBC new home registrations
4 hours ago

145 firms win places on £800m building safety framework

Fusion21 confirms latest winners: Full list
18 minutes ago

Higgins Homes and site workers face manslaughter charges

Contractor and four site staff charged after woman killed by falling pallet of bricks
1 day ago

Operator spots cracked mast on Hinkley tower crane

Hinkley Point C contractor hit with safety notice over failed mast pin and cracks
9 hours ago

Countdown starts for £1bn Birmingham highways bid race

Council will break-up mega framework into five lots
8 hours ago

Acciona wins £400m Thames waterworks upgrade

Lea Valley Coppermills water treatment works to get full overhaul
9 hours ago

Pension giants pledge £25bn for infrastructure push

Seventeen pension providers pledge to invest in projects
8 hours ago

Safety row over London tower ducking fire regs by 30cm

Fire union calls on Mayor to block Bromley flats plan over single staircase
8 hours ago

Midgard lands £145m deal to build Edition Birmingham

Construction to start shortly on twin residential towers
1 day ago

McAleer & Rushe set to break £500m turnover barrier

Pre-tax profit jumped 16% to £46m last year
1 day ago

Top design team picked for £2.5bn York Central scheme

Massive city centre regen scheme moves to detailed design
1 day ago

MoD to bid £100m command HQ enabling works

Hertfordshire joint forces command centre expansion advances
1 day ago

Failed shed specialist Marbank owed suppliers £10m

Contractor was facing a string of adjudication claims
1 day ago

New scaffolding training trade body launches

Scaffolding Training Alliance formed amid disquiet caused by planned training changes
1 day ago

£1.8bn framework planned for green retrofit drive

Procure Plus to invite bids later this month
1 day ago

Breakthrough for HS2 as first Birmingham tunnel section dug

Balfour Beatty VINCI completes 3.5-mile TBM drive in 652 days
4 days ago

HS2 Curzon Street station redesign approved as timber roof axed

Change to meet stricter fire safety rules and cut maintenance costs
4 days ago

Care home fire trial collapses

Prosecution withdrawn against four firms including Morgan Sindall Property Services
5 days ago

Leicester rebids £22m station revamp after failed tender race

Council opts for ECI route after receiving one bid for project
4 days ago

Kier wins £58m East Coast College rebuild job in Great Yarmouth

Work to start this summer for 1,300-student college
4 days ago

R G Carter wins £28m hospital car park job in King’s Lynn

MSCP paves way for £1.5bn Queen Elizabeth Hospital rebuild in 2027
4 days ago

London to relax green belt building rules

Sadiq Khan shifts position on planning
4 days ago

Willmott Dixon wins Great Yarmouth waterfront deal

North Quay 10.5 acres mixed-use scheme to advance
5 days ago

SIG chief quits to join Travis Perkins

Gavin Slark to leave by the end of this year
4 days ago

Eight take key spots on £250m Prosper framework

Housing and public building upkeep deal for North East awarded
5 days ago

Early call-out for £150m Ebbsfleet Garden City infrastructure

Bidders day to set out plan for Ebbsfleet Central commercial scheme
6 days ago

McLaren storms April contracts league with flurry of wins

Cardiff Bay Arena job headlines a series of big contract wins
5 days ago

Balfour Beatty lifts cash forecast after strong first quarter

Contractor set to hit £1bn average monthly net cash in 2025
5 days ago

Goldman Sachs-owned Adler & Allan buys 180-strong civils outfit

West Country's Glanville Environmental gets new owner
5 days ago

Caddick lands first contract for £200m Skelmersdale revamp

Developer gets green light for masterplan
5 days ago

Contractor services