Croydon town centre to be transformed

Croydon town centre is set to be transformed by a 1 billion

pounds investment after retail developers Hammerson and Westfield agreed to enter into a 50/50 joint venture to develop the Whitgift and Centrale shopping centres.

Having previously been working separately on proposals with London’s Strategic  Planning Authority, they have now agreed to work together on the 1 billion pounds regeneration scheme.

Frank Lowy, chairman of Westfield, said: "The 1 billion pounds 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."

David Atkins, chief executive of Hammerson, added: "We have shown our commitment to Croydon through our existing investments in the town centre and I believe that by working together with Westfield 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."