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Is Park Place development set to collapse?
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| Park Place: Is the planned development's future in jeopardy? |
The two developers responsible for a new shopping centre planned for Croydon have ended their tie-in agreement leaving the future of the development in jeopardy.
Minerva and Lend Lease will officially end the agreement for the one million square foot Park Place shopping centre on April 17.
In a statement released today Minerva made the announcement, which would have seen Lend Lease buying a 50 per cent stake in the scheme.
A spokesman said: "Both parties will review the nature of Lend Lease's continuing role in the project as development manager."
It is understood that the decision has been made after Lend Lease failed to secure John Lewis as an anchor tenant.
However Minerva said it remained focused on developing Park Place and said that "discussions with the potential anchor tenant continue to progress."
The spokesman added: "Active and constructive discussions with interested parties for the realisation of the Park Place scheme and the termination of the arrangements now provide greater clarity to the project in this regard."
The news caused Minerva's shares to fall 7.5 per cent 113.25p.
2:38pm Wednesday 19th March 2008
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CommentPosted by: billy, croydon on 4:03pm Wed 19 Mar 08
So who didnt see that coming? Looking forward to the next announcement about the redevelopment beside East Croydon station...
So who didnt see that coming? Looking forward to the next announcement about the redevelopment beside East Croydon station...
Posted by: SV, Croydon on 4:09pm Wed 19 Mar 08
Excellent news for Croydon. Unfortunately Minerva own a huge block of land in Central Croydon and (in association with Croydon Council) are allowing it to deteriorate fast.
Its time the Town Hall started to protect local stores like Allders & Turtles. Croydon is more than one big shopping centre.
People live here too!
Excellent news for Croydon. Unfortunately Minerva own a huge block of land in Central Croydon and (in association with Croydon Council) are allowing it to deteriorate fast.
Its time the Town Hall started to protect local stores like Allders & Turtles. Croydon is more than one big shopping centre.
People live here too!
Posted by: Andy, Addiscombe on 5:32pm Wed 19 Mar 08
Reading the news release, I am not sure if this means the end of the development. It just says that an anchor store hadn't been acquired in the time set out in the contract that meant Lend Lease would take a 50% stake.
Reading the news release, I am not sure if this means the end of the development. It just says that an anchor store hadn't been acquired in the time set out in the contract that meant Lend Lease would take a 50% stake.
Posted by: Simon, South Croydon on 6:34pm Wed 19 Mar 08
I guess this means at the very least a significant delay in the project starting and as a result the completion date.
It is becoming quite sad following the constant delays and turmoil over building projects in Croydon. I seem to recall that Park Place when initially announced was due to be completed a few years ago!
I guess this means at the very least a significant delay in the project starting and as a result the completion date.
It is becoming quite sad following the constant delays and turmoil over building projects in Croydon. I seem to recall that Park Place when initially announced was due to be completed a few years ago!
Posted by: Matt, Croydon on 8:14pm Wed 19 Mar 08
Minerva recently released a full statement of half year results. They continue to be in discussions with John Lewis, and are expencting to resubmit a revised planning application in the Summer, with their plans altered following their discussions with John Lewis, to fully accomodate their specific requirements. I would hope that Minerva are confident that they will be able to progress with john Lewis, and without the need for a 50% tie in with Lend Lease. If this is not the case, I am sure that Howard Holdings, majority owners of the Whitgift Centre, will take full advantage of the situation when carrying out their proposed redevelopment plans. I truly hope, and expect that the future for Croydon retail is bright.
Minerva recently released a full statement of half year results. They continue to be in discussions with John Lewis, and are expencting to resubmit a revised planning application in the Summer, with their plans altered following their discussions with John Lewis, to fully accomodate their specific requirements. I would hope that Minerva are confident that they will be able to progress with john Lewis, and without the need for a 50% tie in with Lend Lease. If this is not the case, I am sure that Howard Holdings, majority owners of the Whitgift Centre, will take full advantage of the situation when carrying out their proposed redevelopment plans. I truly hope, and expect that the future for Croydon retail is bright.
Posted by: Arfur Towcrate, Staffycher on 8:39pm Wed 19 Mar 08
Good news. The Minerva development had nothing to do with benefiting Croydon. It was simply economic warfare aimed at bankrupting the Whitgift Centre and flooding our streets with yet more traffic.
All this was aided and abetted by Croydon Council, who put big corporations wishes before the environment and small, locally owned businesses - shame on them.
Good news. The Minerva development had nothing to do with benefiting Croydon. It was simply economic warfare aimed at bankrupting the Whitgift Centre and flooding our streets with yet more traffic.
All this was aided and abetted by Croydon Council, who put big corporations wishes before the environment and small, locally owned businesses - shame on them.
Posted by: SV, Croydon on 11:59pm Wed 19 Mar 08
The problem with Minerva is they are not really a shopping centre developer. They have made a catalogue of errors that led to the collapse of the then chain of Allders stores, leading to thousands of job losses up and down the country. This also affected the pension fund of thousands of past workers.
Basically Minerva got too deep in a very complicated retail situation and land holdings.
They have made their money from all of this and now need an exit strategy.
No doubt they will put in a more traditional proposal for this huge land track including some shops, massive number of new flats etc.
Perhaps they will even listen to the original objectors and remove the ill thought out covered bus station (a throw back to the 1970s) re consider the needless digging up of Queens Gardens and give us a public square in front of the Town Hall...
The problem with Minerva is they are not really a shopping centre developer. They have made a catalogue of errors that led to the collapse of the then chain of Allders stores, leading to thousands of job losses up and down the country. This also affected the pension fund of thousands of past workers.
Basically Minerva got too deep in a very complicated retail situation and land holdings.
They have made their money from all of this and now need an exit strategy.
No doubt they will put in a more traditional proposal for this huge land track including some shops, massive number of new flats etc.
Perhaps they will even listen to the original objectors and remove the ill thought out covered bus station (a throw back to the 1970s) re consider the needless digging up of Queens Gardens and give us a public square in front of the Town Hall...
Posted by: Ken Frost, Croydon on 12:06pm Thu 20 Mar 08
How many years has the council (both Labour and Tory) tried to kid us that this development would ever happen?
Who seriously believed that this scheme would ever get off the ground?
How many other development schemes touted by the council are going to fail to get off the ground?
The failure of Croydon council to plan effectively has led to the degradation and decay of the area designated for the development, eg St George's Walk. Local businesses, such as Turtle's, have been under threat of closure because of this scheme.
In May 2005 I wrote that:
"Turtle's, one of Croydon's best known independent stores, is searching for new premises after compulsory purchase orders were issued to acquire the land for the £500M Park Place shopping centre."
In February 2005 I wrote about Minerva funding Croydon Council's fight against the Whitgift shopping centre expansion plans proposed by Minerva's rivals, who own the Whitgift. I stated then that this must surely raise reservations about the council's independence.
Interestingly, John Prescott crushed the rival scheme in March 2006; Andrew Rosenfeld (owner of Minerva) having loaned £1M to Labour.
According to The Times:
"Prescott killed the rival scheme, put forward by a consortium called Whitgift, by rejecting its appeal against an earlier refusal by inspectors to give it planning permission."
Prescott denied this and another allegation. Prescott confirmed that he had received the planning applications, but said he felt the decisions should be made locally.
"I passed it over to Croydon and (the other application) City of London Corporation.
They made the decision, not me."
It is time that the council stopped kowtowing to the developers, and asserted a robust and coherent development policy that served the interests of the people who actually live and work in Croydon.
How many years has the council (both Labour and Tory) tried to kid us that this development would ever happen?
Who seriously believed that this scheme would ever get off the ground?
How many other development schemes touted by the council are going to fail to get off the ground?
The failure of Croydon council to plan effectively has led to the degradation and decay of the area designated for the development, eg St George's Walk. Local businesses, such as Turtle's, have been under threat of closure because of this scheme.
In May 2005 I wrote that:
"Turtle's, one of Croydon's best known independent stores, is searching for new premises after compulsory purchase orders were issued to acquire the land for the £500M Park Place shopping centre."
In February 2005 I wrote about Minerva funding Croydon Council's fight against the Whitgift shopping centre expansion plans proposed by Minerva's rivals, who own the Whitgift. I stated then that this must surely raise reservations about the council's independence.
Interestingly, John Prescott crushed the rival scheme in March 2006; Andrew Rosenfeld (owner of Minerva) having loaned £1M to Labour.
According to The Times:
"Prescott killed the rival scheme, put forward by a consortium called Whitgift, by rejecting its appeal against an earlier refusal by inspectors to give it planning permission."
Prescott denied this and another allegation. Prescott confirmed that he had received the planning applications, but said he felt the decisions should be made locally.
"I passed it over to Croydon and (the other application) City of London Corporation.
They made the decision, not me."
It is time that the council stopped kowtowing to the developers, and asserted a robust and coherent development policy that served the interests of the people who actually live and work in Croydon.
Posted by: notsurprised, upper norwood on 6:26am Fri 21 Mar 08
When I read that Allders was thinking of pulling out of central croydon, recently, I wondered whether it was the beginning of the end of the proposed Park Place development. Blaming high parking charges (they are high) but have been in place for a number of years now, also Croydon's image iro crime etc, to me, signalled an excuse to pull out from these plans - straws and clutching at,[bold]bold[/bold] go through one'smind.
When I read that Allders was thinking of pulling out of central croydon, recently, I wondered whether it was the beginning of the end of the proposed Park Place development. Blaming high parking charges (they are high) but have been in place for a number of years now, also Croydon's image iro crime etc, to me, signalled an excuse to pull out from these plans - straws and clutching at, go through one'smind.
Posted by: June, Croydon on 10:24pm Sat 22 Mar 08
Do we really need a 3rd shopping centre? Just more space for vacant shops, and maybe a 6th McDonalds?! Better to put in sports facilities - something to keep kids occupied.
Do we really need a 3rd shopping centre? Just more space for vacant shops, and maybe a 6th McDonalds?! Better to put in sports facilities - something to keep kids occupied.
Posted by: Croyboy on 8:23am Sun 23 Mar 08
No, June, we really don't need just another shopping centre, and I'm sure the backers of the proposed Park Place scheme have reached the same conclusion, but I've got a better idea: how about just leaving the present St.George's Walk area to rot while allowing various "ethnic" stalls to set up as a regular market there? ...It could be called something like "Gaza City", or "Beirut East", would be completely in keeping with Croydon's Third World image and atmosphere, and could prove to be quite a draw as a sort of theme park. The beauty of all this is that it could all be done on the cheap without any of the disruption associated with demolition and reconstruction, and businesses like Turtles could remain where they are.
That's the answer, folks: let's have a referendum on the Gaza City Alternative!
No, June, we really don't need just another shopping centre, and I'm sure the backers of the proposed Park Place scheme have reached the same conclusion, but I've got a better idea: how about just leaving the present St.George's Walk area to rot while allowing various "ethnic" stalls to set up as a regular market there? ...It could be called something like "Gaza City", or "Beirut East", would be completely in keeping with Croydon's Third World image and atmosphere, and could prove to be quite a draw as a sort of theme park. The beauty of all this is that it could all be done on the cheap without any of the disruption associated with demolition and reconstruction, and businesses like Turtles could remain where they are.
That's the answer, folks: let's have a referendum on the Gaza City Alternative!
Posted by: Mark, Shirley on 5:57pm Tue 25 Mar 08
Well done Croyboy- I think you've cracked it!
All that is needed are signs from East Croydon, leading visitors through the fairfield car park, under the subway and up into st Georges walk. By the time they've dodged the pigeons and skateboards, inhaled the aroma of p**& and then walked down a decrepit wind tunnel they'll be ready to cough up for some scroungers. They can then top off their visit with a pint in one of our pubs before staggering back to civilisation.
To save money we could get the signs sprayed onto buildings by some of our local artists.
The only problem that I can see... is that I doubt the council would be able to organise it within the next 20 years.
Well done Croyboy- I think you've cracked it!
All that is needed are signs from East Croydon, leading visitors through the fairfield car park, under the subway and up into st Georges walk. By the time they've dodged the pigeons and skateboards, inhaled the aroma of p**& and then walked down a decrepit wind tunnel they'll be ready to cough up for some scroungers. They can then top off their visit with a pint in one of our pubs before staggering back to civilisation.
To save money we could get the signs sprayed onto buildings by some of our local artists.
The only problem that I can see... is that I doubt the council would be able to organise it within the next 20 years.
Posted by: Croyboy on 8:51am Wed 26 Mar 08
Thanks, Mark: it's nice to know there are still a few people around with vision.
...Unfortunately none of them works for Croydon Council!
I especially liked the idea of our Gaza Theme Park visitors being directed through the Fairfield underground car park. Yes, an excellent introduction and "softening-up" procedure. ...And we could even have a few "locals" squatting down having a prayer-and-head-bang
ing session amid its gloom: [italic]very[/italic] authentic!
Thanks, Mark: it's nice to know there are still a few people around with vision.
...Unfortunately none of them works for Croydon Council!
I especially liked the idea of our Gaza Theme Park visitors being directed through the Fairfield underground car park. Yes, an excellent introduction and "softening-up" procedure. ...And we could even have a few "locals" squatting down having a prayer-and-head-bang
ing session amid its gloom:
very authentic!
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