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Sadiq Khan has approved a £1.4bn plan to regenerate Croydon town centre and build 1,000 homes despite only 20% of them being affordable.
The mayor of London rubber-stamped the joint venture between developer Hammerson and retail group Westfield after Croydon Council’s planning committee approved it.
The development is intended to deliver 1,000 new homes, some of which will be let at London Living Rent, alongside the capital’s third Westfield shopping centre – after Shepherd’s Bush and Stratford.
Of the new build-to-rent homes, 20% will be below market rent levels. The majority of those will be for London Living Rent, under which renters pay a third of average local incomes with an option to buy after a certain period.
Because the scheme includes less than 35% affordable housing, it could not access the mayor’s fast-track planning process and had to submit viability assessments to City Hall.
Planners at the Greater London Authority agreed that the project would not be financially viable with a higher level of affordable housing, but there will be a number of reviews of the affordable proportion during the development process.
Mr Khan said: “Today marks a crucial step forward in the regeneration of Croydon town centre.
“As well as the creation of 7,000 jobs and the delivery of almost 1,000 new homes, it will also attract many visitors to its brand new leisure facilities and public spaces. I’m confident the benefits of this scheme will be felt for generations to come.”
Alison Butler, deputy leader and cabinet member for homes, regeneration and planning at Croydon Council, said: “I’m delighted another milestone in this project has been reached and the mayor of London has approved the Croydon Partnership’s plans.
“The redevelopment of the Whitgift Centre will transform Croydon town centre and today’s green light brings us a step closer to the works getting underway.”