The announcement was welcomed by Greg Hands, minister for London at the Department for International Trade, as the redevelopment scheme was backed by the government and international investors.
The £1.4bn redevelopment proposal for the Whitgift Shopping Centre was made by the Croydon Partnership – a joint venture between Westfield and property developer Hammerson.
The redevelopment will see Australian firm Westfield invest £700m into Croydon as the town becomes the location of London’s third Westfield Shopping Centre, after Shepherd’s Bush and Stratford.
Construction is set to begin in 2019 and will create 1,000 new homes for the borough, as well as 7,000 new jobs.
“I am delighted that after convening two meetings of all concerned parties, here at the Department for International Trade, we will now see construction taking place,” said Mr Hands.
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“This major redevelopment of the Whitgift site will bring huge benefits to Croydon and London with thousands of new homes and jobs.”
Plans for the new shopping development have been approved
Councillor Tony Newman, leader of Croydon Council, said it was fantastic news for the area and that the council had been doing everything it could to bring the redevelopment of the Whitgift Centre to fruition.
“The new homes and the thousands of jobs this development will bring shows investors are rightly confident about Croydon as a place to live, work and spend free time.
“I am delighted contractors will be on site in 2019 to kick-start the exciting transformation of the heart of our town.”
The redevelopment follows a record year for overseas-backed projects in the UK and London, with 891 projects in the capital commencing thanks to foreign direct investment in the last year.
“As minister for trade, it is also yet another example of London and the UK’s appeal to international investors, bringing much-needed regeneration projects to life,” added Mr Hands.
“Croydon will join locations across the world, from San Francisco to Sydney, with a flagship Westfield site, once again proving London’s enduring strength as a leading global retail destination.”