Delancey is seeking a development partner for a 5.5-acre residential-led regeneration scheme in the heart of Croydon, south London.
The site, which has the potential for more than 1,000 homes, is owned by Delancey’s and Ares Property Partners’ Minerva. It comprises retail parade St George’s Walk, the 25,403 sq ft Segas House and the recently acquired Nestlé Tower.
Adjacent to the new shopping centre being developed by Westfield and Hammerson, the scheme has only recently been unlocked after years of manoeuvring between competing developers, but is now set to be a key component of the ongoing regeneration of Croydon.
St George’s Walk and Segas House were previously part of Minerva’s 1.1m sq ft Park Place regeneration project, which the firm mothballed when it failed to find a development partner and the Westfield/Hammerson retail scheme emerged.
Part of Minerva’s Croydon portfolio – including the 530,000 former Allders department store – is in the CPO area for the new shopping centre, but the remainder of the Park Place development is not.
Minerva paid Legal & General around £10m for the 24-storey Nestlé Tower in August.
A Minerva spokesman said: “We can confirm that a potential partner is being sought by Minerva for its 5.5-acre freehold site in the centre of Croydon. The site is anticipated to be able to accommodate a large-scale residential-led development.”
JLL is advising.
