PropertyWeek reports that Hammerson has signed an exclusivity agreement
which will enable it to buy a stake
in the Whitgift Centre in Croydon.
This of course places a question mark over
Westfield’s plans for the centre, and adds to the confusion as to what exactly is going on with the shopping centre.
In November 2011 Westfield announced that it had secured an exclusive
agreement with the shopping centre’s freeholder, the Whitgift Trust, to
explore options to redevelop the mall. However, the shopping centre’s other stakeholders had not been consulted and agreed to sell a
share of their stake to Hammerson.
"Plans" for the redevelopment of the Whitgift shopping centre have been argued about for years, eg I wrote this in
February 2005:
"Minerva is funding Croydon Council's fight against the Whitgift shopping
centre expansion plans proposed by Minerva's rivals, who own the
Whitgift.
Minerva is paying the six figure costs of legal fees
incurred by the council, at a planning inquiry into the expansion of the
Whitgift shopping centre.
The owners of Whitgift are appealing
against the council's decision not to approve plans to extend the
shopping centre. The extension is called Bishops Court 2.
The council is reported to back the rival project called Park Place, which is proposed by Minerva."
Frankly, based on the failures of previous schemes, I don't think there will be an redevelopment of the Whitgift anytime soon.
