Specialist retail developer Hammerson has put back the start date for a £1bn Croydon shopping centre for the second time in 12 months.
Hammerson blamed the delay at the Whitgift shopping centre on an “extended planning process” and ongoing discussions with “a number of potential anchor tenants”.
Construction on the flagship south London scheme, which is being built in a joint venture with Westfield, is now expected to start in 2017, with a tentative completion date of 2020/21.
Westfield Hammerson Whitgift Centre Croydon Dingwall Place
This time last year, Hammerson announced the first delay to the shopping centre, again citing the planning process as a reason for what was expected at the time to be a 12-month setback.
Hammerson also plans to start work on a major east London scheme next year, with the planning application under discussion with two local authorities.
The Goodysard mixed-use development in Shoreditch will include a 20,000 sq m retail village, 1,350 homes and a new park after a revised planning application was submitted to Hackney and Tower Hamlets councils last year.
Hammerson is developing the scheme in a JV with Ballymore Properties. The JV partners are working towards achieving planning consent in the spring ahead of a potential 2017 start date.
In its full-year results released this morning, Hammerson revealed a 4 per cent increase in pre-tax profit for 2015 from £703.1m to £731.6m.