ProLogis has teamed up with Barratt to put 300,000 sq ft of housing on the former British Gas site at Purley Way, Croydon.
Industrial developer ProLogis, which bought the 12.5-acre site from Lattice in July 2002, had secured a prelet from brewer Scottish & Newcastle for a 212,500 sq ft, four-unit industrial scheme proposed for the site in 2003.
Croydon’s refusal of the ProLogis scheme was overturned by a planning inspector last year, but the council’s insistence that the developer clean up and deculvert the River Wandle had made the scheme unviable.
ProLogis will now reduce the commercial element of the scheme to 100,000 sq ft, leaving the remainder of the site for housing.
The new scheme will allow the developers to carry out the work on the river while still making a profit.
Barratt has reportedly paid ProLogis £15m for a share of the venture. An application will be submitted at the end of the summer.
Holley Blake and GVA Grimley advised Prologis.
References: EGi News 08/07/05
