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 is wholly supportive of the Partnership’s wider 2 million sq ft vision to transform the retail town 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.