Minister for London welcomes 拢1.4 billion Croydon redevelopment
Croydon town centre regeneration to begin with UK government and international investor support
The redevelopment of Croydon town centre passed a major hurdle today (14 November) as Croydon Council鈥檚 planning committee approved the 拢1.4 billion scheme, backed by global investment.
Three years after it was first proposed, the redevelopment of the Whitgift Shopping Centre will now progress with government support following meetings hosted by Minister for London Greg Hands at the Department for International Trade.
Croydon will join Stratford and Shepherd鈥檚 Bush as London鈥檚 third Westfield shopping centre and one of the company鈥檚 17 flagship centres across the world, from China to the USA. Westfield鈥檚 investment of 拢700 million represents a huge commitment from the Australian firm to Croydon, and London, as a global retail destination. The project is being delivered by the Croydon Partnership, which comprises of Westfield and UK retail experts Hammerson.
Construction is now set to begin next year, creating 7,000 new jobs and 1,000 new homes for the borough. The final proposals were put to the planning committee after a series of meetings chaired by the Minister for London, where Croydon Council, Westfield and the Greater London Authority (GLA), along with all three of Croydon鈥檚 MPs, agreed the funding needed to move the project forwards.
The redevelopment follows a record year for overseas-backed projects in the UK and London, with 891 projects in London made possible through foreign direct investment in the last year.
Minister for London Greg Hands said:
I am delighted that after convening two meetings of all concerned parties, here at the Department for International Trade, we will now see construction taking place. This major redevelopment of the Whitgift site will bring huge benefits to Croydon and London with thousands of new homes and jobs.
This is a great example of local and central government working together with private investors, and as Minister for London I鈥檓 delighted to be supporting the project, and seeing it secure planning approval.
As Minister for Trade it is also yet another example of London and the UK鈥檚 appeal to international investors, bringing much-needed regeneration projects to life. Croydon will join locations across the world, from San Francisco to Sydney, with a flagship Westfield site, once again proving London鈥檚 enduring strength as a leading global retail destination.