Westfield buys in Croydon and sells in Nottingham
Published: 10 November, 2011
Westfield Croydon to become third major London scheme
Weeks after the opening of Westfield Stratford City, Westfield has started the ball rolling on a third major London scheme by acquiring the development rights to the Whitgift Centre site in Croydon, south London.
The developer confirmed to the Australian Stock Exchange that it had entered into an exclusive arrangement with freehold owner, the Whitgift Foundation, to "examine opportunities arising from the retail-led regeneration of Croydon town centre with the same approach adopted in the development of Westfield London and Westfield Stratford City."
Co-chief executive Steven Lowy said Croydon "could provide the group with a significant presence in the south of London, augmenting Westfield's existing centres in the east and west of this major world city."
John Lewis has already earmarked Croydon as a target location, in the ill-fated Park Place scheme next to the Whitgift Centre, and the local authority is keen to see its retail facilities upgraded. But development of the site will depend on agreement with the leaseholder Howard Holdings and its banks.
As one new development opportunity emerges, Westfield has walked away from another. It has agreed to sell its 75 per cent stake in the Broadmarsh Centre in Nottingham to Capital Shopping Centres, although its joint venture partner Possfund has the right to pre-empt the deal.
CSC already owns the Victoria Centr ein Nottingham, and had been locked in a planning battle with Westfield over two rival propsals for new schemes in the city. The deal clears the way for a phased development of the two sites.
