Redevelopment
As part of Croydon Vision 2020, plans to develop and expand the centre were formalised by leaseholder and landlord Howard Holdings plc, for which a planning application was submitted. Construction of the extension was due to start in 2009 and be finished in 2014, as promised by Geddes Architects who were the main contractor.
In 2010, Howard Holdings went into administration. Their 75% of the lease company and management of the centre is now managed by their administrators, on behalf of Royal London Asset Management and the Irish Bank Resolution Corporation.
In mid-2011, two companies were invited to pitch for the redevelopment: Australian-based Westfield Group and UK-French based Hammerson. The Whitgift Foundation resultantly came to a binding agreement with Westfield for a £1Bn redevelopment scheme. However, RLAM/IBRC preferred Hammerson, and so came to an alternate agreement, announcing Hammerson as the winner in April 2012. Much as though RLAM/IBRC owned 75% of the leasehold company, no development could take place without the freeholder, the Whitgift Foundation's, full agreement. In mid-2012, the joint-lease holders agreed on a public consultation of the two rivals and their schemes. The winner will be provided with a long-term lease, subject to redevelopment.
Read more about this topic: Whitgift Centre