Park Place (Croydon)
Total retail floor area | 1,080,000 sq ft (100,000 m2) | |
No. of floors | 4 |
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Park Place was a proposed shopping centre which had been expected to open in
Park Place has been proposed by developers
In May 2009, Croydon Council announced that it would be ending the development agreement with Minerva following a realisation that they would not be able to secure funding after
Plans
Minerva planned to build a shopping centre, office accommodation and bus station on the site of the
A compulsory purchase order by Croydon Council is in the process of being enacted to enable the whole site to come under the ownership of Minerva. A major new department store will be located to the south of the new site; originally this was to be a new Allders store, then owned by Minerva, but John Lewis was then lined up to anchor the site. On 5 May 2006 John Lewis announced that no development scheme in Croydon met their requirements and that they were not in negotiations with Minerva. This has boosted the chances of the newco 'Allders (Croydon) Ltd' being able to secure anchor status in the new development if it is pursued.
Nestlé, whose UK headquarters in the Nestlé Tower form part of the site, plan to take part of the office accommodation. The development will create a new 'piazza' on Croydon High Street. There are proposals to alter
Viability
The overall viability of the Minerva plans (1.08 million sq.ft. shopping centre) was thrown into doubt following the building of the 1.615 million sq.ft.
On 19 March Minerva announced that their deal with Lend Lease had collapsed.[4] Lend Lease were responsible for negotiations with John Lewis.
In May 2008, Croydon Council announced that they did not expect works to start until late 2009, a further delay of some 18 months. A revised planning application was not expected to be tabled until late 2008.[1] Minerva meanwhile was facing speculation of a takeover bid by the Dubai-based Limitless.[5]
References
- ^ Croydon Guardian: Work on Park Place delayed, 7 May 2008.
- ^ "Prescott denies Labour loans link". BBC. 26 March 2006.
- ^ "Croydon abandons agreement to build new shopping centre". Archived from the original on 22 August 2010. Retrieved 18 May 2009.
- ^ Croydon Guardian: http://www.croydonguardian.co.uk/news/localnews/display.var.2132827.0.park_place_development_set_to_collapse.php
- ^ Property Week: Dubai developer 'considering its options' over Minerva, 8 May 2005.
External links
- Minerva plc description of Park Place
- Park Place information from Croydon Council
- Park Place peerages row in the Croydon Guardian