The London Borough of Croydon has twin roles both as a suburb of London and as an ambitious Metropolitan Centre. Once a leafy residential area for members of the Victorian middle class, Croydon is peppered with architecture from the era. More recently, a period of construction has seen a spate of highly praised commercial buildings contribute to the evolving personality of the Borough. Steered by the Labour council in the 1990s, a spell of redevelopment saw a transformation of East Croydon station, which is now one of the busiest rail stations in London.
In total there are three stations – East, West and South Croydon – as well as many bus stations and tramlines. The swift 18-minute train journey from East Croydon to London Victoria provides easy access to central London for local residents. Furthermore, work has started on the nine-acre site next to East Croydon station and will be redeveloped with more than 600 new homes, shops and offices – having been empty for fifteen years.
The Borough of Croydon is set for major change over the coming years, having secured a £23 million support package from The Mayor of London’s Regeneration Fund and a further £70 million committed to development from the local Council. Notably, two retail giants Hammerson and Westfield are joining up under The Croydon Partnership banner and have announced £1bn of investment to regenerate the existing Whitgift Shopping Centre and described expectations that it would be a “major catalyst for the wider physical and social regeneration” of Croydon. The development has caught interest from high profile retailers such as John Lewis and will include a department store, shops, cinema, and restaurants. Construction will start next year and the target date for opening is 2018.
As a result of the scale of regeneration, we believe that the London Borough of Croydon will outperform surrounding locations in terms of capital and rental growth. In turn this represents a significant opportunity for our investors who will be able to access properties in Croydon, and other areas undergoing regeneration, on the Property Partner platform.
Update: as of October 2018, another £166 million had committed to the regeneration of Croydon town centre, as part of the council’s Growth Zone, a 16-year programme made up of 46 projects and expected to cost a total of £520m.
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