Croydon Partnership acquires leasehold interest in the Whitgift Centre.
The Croydon Partnership, the joint venture between Westfield and Hammerson, has made significant progress in its land assembly programme with the acquisition of Whitgift Trust’s* 50% long leasehold interest in the Whitgift Centre for an undisclosed sum.
This transaction gives the Partnership ownership of the shopping centre, alongside its freehold owner, The Whitgift Foundation, and direct management control.
The Whitgift Foundation, a 400 year old education and care charity, is wholly supportive of the Partnership’s wider 2 million sq ft vision to transform the retail town centre. The funds required to support the Foundation’s charitable activities of education, care of older people and carer support services would not be sufficient without the income from its Croydon investment properties, including the Whitgift Centre.
The Croydon Partnership now owns or controls a majority of the major land interests required for the proposed development. It will assume all management responsibilities for the centre going forward.
The completion of this transaction follows the conclusion of the Compulsory Purchase Order Inquiry (“CPO”), which closed on Friday 13th March. The result of the inquiry is expected to be confirmed by the Secretary of State around autumn this year.
The Croydon Partnership will continue to negotiate for the remaining land interests and rights and will work closely with the Council and local community to ensure that the wider project brings maximum benefits to the Borough.
*The Whitgift Trust is entirely unconnected to The Whitgift Foundation charity.
About the redevelopment of the Whitgift Centre
The Croydon Partnership’s over £1bn scheme will transform Croydon’s town centre into a 2m ft² state-of-the-art retail, leisure and restaurant destination, together with new public realm, creating 5,000 new jobs, new car parking and up to 600 new residential units including affordable housing.
This will provide the kick start to Croydon’s much needed regeneration, attracting new residents and visitors back to the town centre for the benefit of all local businesses, whilst delivering a safe destination for families.