Lewisham Council has exchanged contracts in a deal that moves the renewal of Catford town centre a major step forward.
The deal will see the ownership of freehold and leasehold interests in and around the Catford Centre transfer from current owners, St Modwen Investments, to a wholly owned company set up by the Council to be called Catford Regeneration Partnership Limited (CRPL).
Catford Town Centre is one of the key areas within the borough with significant potential for regeneration. With this purchase of local land interests, the Council is opening the door to regeneration projects, improving its ability to influence future plans.
Deputy Mayor of Lewisham Heidi Alexander said: "The Council's vision for Catford is as a lively, attractive town centre. Buying these land interests in the Catford Centre is a once in a lifetime opportunity that puts the Council in a much, much stronger position to shape the future of Catford. This is great news for Catford and for local people."
Catford Regeneration Partnership Limited will be responsible for managing the shopping centre and kick-starting a regeneration programme for the town centre by attracting investment from the private sector.
View the Catford Town Centre Area Action Plan.