Hope at last for Croydon as shopping giants join forces

Hope at last for Croydon as shopping giants join forces

Australian shopping giant Westfield and developers Hammerson have signed a £1bn 50:50 deal to regenerate shopping centres in Croydon.

The joint venture for the Whitgift and Centrale shopping centres could create 5,000 new jobs.

So long as the council don’t delay things or impose too many silly conditions, building work could start in 2015.

London mayor Boris Johnson said it would return Croydon to "its former glory".

As part of the deal, Westfield has acquired a 50% interest in the £115m Centrale shopping centre from Hammerson and the partners will also buy a quarter share interest in the Whitgift Centre.

The development will include retail, leisure and residential units with the potential for hotels and offices.

Croydon is also getting cash from the mayor's £50m Outer London Fund to boost the local economy, though it’s not clear how much exactly or what it will be used for.  So far the council’s record on helping the regeneration of the riot-ravaged north of the borough is patchy.

bbc.co.uk

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