The project is one of three major schemes Hammerson plans to start in 2017 with a combined construction cost of up to £1.4bn.
Unveiling pretax profits up 4% at £730m this morning, the specialist shopping centre developer said delays in planning and ongoing discussions with tenants meant the Croydon scheme would now start construction in 2017 rather than this year.
It is the second time the developer in joint venture with Westfield has pushed the ambitious scheme back a year.
“Given the extended planning process and discussions with a number of potential anchor tenants, the scheme timetable has been revised,” confirmed Hammerson this morning.
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“Works are now expected to start in 2017 with potential completion in 2020/21.”
The joint venture developers plan to redevelop and combine Croydon’s current shopping centres – the Whitgift Centre and Centrale – to create a mixed-use town scheme of around 2m sq ft, which will include retail, leisure and residential with the potential for hotels and offices.
David Atkins, chief executive of Hammerson, said: “Looking ahead, while we recognise the global economic and political uncertainties, we remain confident that the business will continue to deliver sustainable, attractive returns.”
He also confirmed that Hammerson in joint venture with Ballymore is also hoping to start its £800m Goodsyard scheme on the London City fringe in Shoreditch next year.
Last September, the Mayor of London called in the 2.8m sq ft mixed-use development due to non-determination by local planning authorities Hackney and Tower Hamlets.
Goodsyard plan includes a 220,000 sq ft retail ‘village’, 1,350 flats and substantial public realm including a new park.
The developer said it was now working to achieve the planning consent by Spring 2016 enabling a potential start on-site in 2017.
It is also hoping to start the 1m sq ft Brent Cross shopping centre extension and refurbishment next year, subject to CPO power being granted for development land at an inquiry in May.
If all goes to plan the revamped Brent Cross sopping centre could open in 2021
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