Hammerson plans £50m Croydon retail development

Hammerson is to stump up £50 million to re-develop its shopping centre in Croydon.

It has submitted plans today for a 142,000 square foot development of Centrale shopping centre in the south London town.

It is in talks with cinema operators to create a new cinema and will create 10 new restaurants as well as large new shops.

Hammerson bought the centre in March last year and has since been establishing itself as an investor in Croydon and is one of a handful of big-hitting property developers hoping to invest in another Croydon shopping centre - the Whitgift centre.

Australian developer Westfield, British Land and Hammerson are among parties vying to redevelop the Whitgift.

At Centrale, proposals for the new design have been created by Leslie Jones Architecture.

Lawrence Hutchings, Hammerson managing director of UK Retail, said: "There has been significant under-investment in Croydon's retail core for some time with major brands missing from the town's retail mix.

"Croydon has one of the highest catchment spends in the UK and our proposals will deliver well designed space creating a new prime pitch for the town. There is a massive opportunity to put Croydon back on the map with both retailers and consumers and we want Centrale to lead this transformation."

Subject to the planning process, work could start on Centrale in early 2013 with the new leisure and restaurant quarter open by autumn 2014.