On January 8, 2018, the Mayor of London, England, Sadiq Khan, approved a £1.4 billion redevelopment project, which will give a major boost to long-term plans to regenerate the Croydon town centre.
REVITALIZATION readers might remember that London’s search for a head of the Croydon regeneration effort was posted on the Jobs page of our October 15, 2017 issue. That regeneration is now moving at full steam ahead.
Hammerson’s Chief Investment Officer, Peter Cole, said: “This confirmation from the Mayor of London that he supports our proposals will give further confidence to retailers, investors and the community, giving us the mandate to deliver a transformative, world-class retail and leisure destination which is already stimulating the ongoing wider regeneration of Croydon.”
The redevelopment of the Whitgift shopping centre by the Croydon Partnership—a joint venture between Westfield and Hammerson—will create 7,000 jobs, deliver nearly 1,000 new homes, and provide the local community with brand-new leisure facilities and rejuvenated public spaces.
More than half-a-million square meters of shops and restaurants will be built, alongside space for future student accommodation or a hotel.
Sadiq Khan gave the project the green light after it was approved by Croydon Council’s planning committee. Croydon Council’s deputy leader and cabinet member for homes, regeneration and planning, Councillor Alison Butler, said: “I’m delighted another milestone in this project has been reached and the Mayor of London has approved the Croydon Partnership’s plans. The redevelopment of the Whitgift Centre will transform Croydon town centre and today’s green light brings us a step closer to the works getting under way.”
Since the project features less than 35% affordable housing, it wasn’t given access the mayor’s fast-track planning process, and thus had to submit viability assessments to City Hall. The application to redevelop the Whitgift Centre includes the delivery of up to 967 new build-to-rent homes, of which a minimum of 20 per cent will be provided at below market-rent levels – the majority of which will be for London Living Rent (based on renters paying a third of average local incomes).
Westfield UK/Europe’s Head of Development, John Burton OBE, said: “The endorsement from the Mayor of London represents a great start to the year for the project and for Croydon. The London Borough of Croydon responded positively to our revised outline planning application, and we’re pleased that this has now been approved by the Mayor. Our plans will help establish Croydon as South London’s best retail, dining and leisure destination and deliver new homes and 7,000 jobs.”
The level of affordable housing offered in the application was supported by a viability assessment. This was scrutinized by City Hall planners, who concluded this was the maximum amount which could be delivered while ensuring the project remained financially viable. Early, mid and late-stage review mechanisms have been secured (in accordance with the draft London Plan and the Mayor’s Affordable Housing and Viability SPG) which could result in the delivery of an increased level of affordable housing on the site.
Khan said: “Today marks a crucial step forward in the regeneration of Croydon town centre. This development will play a key role in unlocking the borough’s potential and is set to deliver huge economic benefits to residents and businesses in the borough. As well as the creation of 7,000 jobs and the delivery of almost 1,000 new homes, it will also attract many visitors to its brand-new leisure facilities and public spaces. I’m confident the benefits of this scheme will be felt for generations to come.”
Image courtesy of the Mayor of London.