Two shopping centre rivals ran out of time this week to draw up plans for a 1.5m sq ft linked retail scheme in Croydon.
Minerva, which wants to develop a 1m sq ft mall called Park Place, and the long leasehold owners of the adjacent Whitgift Centre, had been holding talks for more than a month after being granted an adjournment by the inspector hearing a compulsory purchase inquiry into Minerva’s scheme.
But Minerva and rivals Howard Holdings, Royal London Asset Management and the Whitgift Foundation, were unable to reach agreement on linking the two schemes before the CPO inquiry closed on Friday.
An alliance was being considered in a bid to attract John Lewis, which is considering opening in Croydon. In a letter to Minerva’s development partner Lend Lease, the retailer had said it was concerned about the integration of Park Place into the wider town centre.
Howard Holdings had commissioned a masterplan from Chapman Taylor for the linked 1.5m sq ft centre.
A source close to Howard Holdings, which owns 50% of the 550,000 sq ft Whitgift Centre, said: “It has been an interesting month. I don’t think there is going to be an alliance.”
Howard Holdings said it would press ahead with the Whitgift redevelopment regardless of the CPO outcome, which is expected by year-end.
Talks concerning the alliance could be revisited following the inquiry’s outcome, however.
References: EGi News 31/07/06
