Croydon Council issues CPO for Gateway site - commercial mortgages

17 January 2007

Croydon Council has issued a compulsory purchase order (CPO) for the site to be used for the Gateway regeneration scheme, a project which will be undertaken by Arrowcroft.

The land, which is owned by Stanhope and Schroder, is expected to be used for the development of an arena and office and retail properties, which may benefit investors with commercial mortgages.

Responding to the council''s decision, Daniel Carter, director of Arrowcroft, said that the CPO is a "natural consequence" of the pair''s decision to deliver the entertainment-led development.

"The compulsory purchase of this key site by the local authority will enable Arrowcroft to deliver a project that will be a catalyst for the regeneration of the town centre and deliver the council''s objective to transform its image," he remarked.

The scheme is to include a 12,500 seat arena, 57,800 sq m of office space, a health and fitness club, retail outlets and restaurants, in addition to new access to the local station.