Commuters in Croydon are set to benefit from new transport plans that will include extra trams on the Tramlink network and a new entrance at East Croydon station.
Croydon Council will invest £10 million in the development, and other funding will come from private developers Stanhope and their financial backers Schroders. Stanhope and Schroders will also develop Ruskin Square, a nine-acre plot next to East Croydon station.
They have submitted a planning application for 1m sq ft of office space and 550 new homes as well as a new £20m footbridge at East Croydon station.
It is hoped the development of Ruskin Square will act as a catalyst for the wider regeneration of Croydon, which is supported by Stanhope, Croydon Council and other key partners.
Ian Mason, head of UK property fund management at Schroders, said: “Ruskin Square is the centrepiece of East Croydon’s transformation into a new central business district. It will deliver restaurants, cafes, a theatre, new homes, new public routes and outdoor space and 1m sq ft of grade ‘A’ office space.”
Croydon Council leader Mike Fisher is optimistic about the imminent transformation of the town: “Perception is important – and the perception today is that things are really beginning to move again in Croydon. By spending heavily on extra trams and the infrastructure of the station we are backing what we are saying with hard cash. The signs for a spring full of optimism are highly encouraging.”
The new station access footbridge is expected to open in 2013.