Unibail-Rodamco-Westfield (URW) has acquired Hammerson’s 50% stake in the Croydon Partnership for an undisclosed price, increasing its ownership to 100%. The 10 hectare development site, which sits in the heart of Croydon town centre, includes the Whitgift and Centrale shopping centres.
The site has had a chequered history with numerous proposals brought forward over the years under different ownerships.
Jean-Marie Tritant, chief executive officer of URW, said: “Urban regeneration projects are at the heart of URW’s purpose to create sustainable places that reinvent being together, and we are very excited about what can be achieved in Croydon. With our full ownership of the property, it allows URW to work in partnership with the Mayor of Croydon, the Greater London Authority and other vital local stakeholders on a vision and options that support the wider transformation of the area.”
Scott Parsons, chief operating officer UK at URW, added: “We’re excited to continue the progress of the Croydon development – London’s next major and most exciting regeneration zone to uncover the huge potential that it has to offer. The transformational success of our two mixed-use destinations, Westfield London and Westfield Stratford City has been a catalyst for wider investment in White City and the Olympic legacy site and the completion of this purchase further demonstrates our commitment to regeneration in the capital. We look forward to creating the new masterplan in partnership with the community and local stakeholders in Croydon to realise the future vision for the town centre to become a thriving destination in South London.”
Jason Perry, mayor of Croydon said: “The regeneration of Croydon town centre remains a top priority and I have been working closely with businesses and partners to bring forward the redevelopment of the Whitgift Centre and wider regeneration of the town centre.
“We welcome the agreement that has been reached by URW as an important step in progressing this. We look forward to working with them as they develop a new masterplan in 2023, which will inform a new, revised application for the town centre that will meet the future needs of our community. I have reconvened the Mayor’s town centre advisory board, which is working with key partners to drive forward the regeneration, and we look forward to seeing plans progress.”
