Crest Nicholson is in talks to unlock a comprehensive redevelopment of Bromley town centre in
The mixed-use developer, which is understood to be on the verge of a rights issue to prevent it from breaching bank covenants, has tabled proposals for an amendment to Bromley’s Area Action Plan that would substantially increase the town’s key development site.
Crest, which owns a 1.1-acre plot – formerly the Army & Navy store – on the western side of Bromley High Street, is arguing that the council’s long-mooted proposals for the store and surrounding buildings, known as “Site G”, will not succeed unless development values are “substantially increased”.
The proposals, revealed at a recent council meeting, say that further sites in multiple ownership – including the corner of
Bromley’s current plans propose 450 homes, alongside a small number of shops, cafés and bars, and community facilities including replacement accommodation for faith groups.
Crest’s alternative plans include 1,200 homes – 750 more than Bromley had been proposing – as well as a substantial retail and leisure development. It is thought to be keen to secure Debenhams, which has a long-standing requirement in Bromley, as anchor.
Bromley council is searching for a consultant to now advise on its negotiations with Crest.
One bidder said: “The council wants to understand if the deal with Crest is the right one, and if it can be delivered, given the state of the housing market.”
