Croydon in South London will get a £1bn redevelopment boost, London Mayor Boris Johnson announced today.
The announcement comes after Westfield Group finally buried the hatchet with Anglo-French developers Hammerson, who’ve both been trying to bag the contract to develop a Croydon shopping area for over a year.
The two had been in contention over the Croydon Whitgift site but will now submit a new plan, scheduled for approval in 2013.
“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,” Johnson said in a statement.
The project is said to create thousands of jobs once construction gets under way in 2015, and a further 5,000 long-term jobs once the shopping complex is finished.
“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,” Johnson added. “The redevelopment of the Whitgift Centre at its heart is crucial to this vision.”
The investment comes on top of previous funding boosts from City Hall, which have seen tens-of-millions ploughed into Croydon which was badly hit by the 2011 London riots.
“The £1bn redevelopment joint venture with Hammerson will provide certainty for the residents, local businesses and retailers of Croydon and the region,” said Westfield chairman Frank Lowy.
“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.”
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