The council has earmarked four key town centre sites that are ripe for redevelopment in its ambitious Sutton Civic and Town Centre Regeneration plan.
These include the St Nicholas Shopping Centre, acquired by the council in August 2021, Sutton Civic Centre, Gibson Road car park and the vacant Secombe Theatre.
The joint venture between Genr8 and investor Kajima would first build a new Civic Hub in the heart of the town centre.
The Hub will provide council offices, a new library and community spaces when completed by mid-2029.
Around 740 new homes – 50% of which will be affordable housing for local families – will be built on the existing Civic Offices, Gibson Road car park and Secombe Theatre sites.
Councillor Barry Lewis, leader of the London Borough of Sutton, said: “These plans will give our residents a new ‘front door’ to the Council and our partners right on the High Street.
“New retail, leisure and community uses in the St Nicholas Centre will provide more choice and improve the long-term future of our main town centre.
“This scheme will also mean no new blocks on the high street and some mid-rise new development on the Civic Centre and Gibson Road car park sites.”
GKRL has already delivered over £130m of town centre regeneration, including Rochdale Riverside, a 200,000 sq ft retail and leisure scheme.
In addition to the Sutton Civic and Town Centre Regeneration scheme, the partnership is currently working on schemes in Huyton, Winchester, Newcastle and Telford.