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In addition, there will be 550 new homes built, according to the plans.
The development is envisaged for Ruskin Square, and the plans have already been submitted to Croydon Council planners.
Ian Mason of Schroders, the asset management company, was quoted by the Croydon Advertiser as saying: “Ruskin Square is the centrepiece of East Croydon’s transformation into a new central business district.”
When the development is finished it will feature a route through to Landsdowne Road and a new GBP 20 million rail bridge across East Croydon Station.
Councillor Jason Perry, cabinet member for planning, conservation and climate change said: “I expect all our masterplans to resemble jigsaws in which each piece contributes to the whole picture but allows for flexibility as to when the pieces are actually placed.
“What is important in today’s conditions is that each of the components of the plan can be delivered independently but together they form a coordinated whole that takes Croydon forward in an exciting manner.”
Recently the Centre for Cities urban research institute advised Croydon Council to attract big businesses to help the town’s economy to stay strong and aid the small businesses in the area, the Croydon Guardian recently reported.
Between 1998 and 2008 Croydon saw the loss of 10,000 private sector jobs, according to the newspaper. This is in contrast to an increase of 14,000 public sector jobs.
London recently received an agreement from the Treasury to commit GBP 130 million a year for the economic development of the capital.
This figure is almost four times less than what had been promised originally by the Treasury.
Editor’s notes: As of June 2023, a total of 2 million square feet of offices, shops, homes, and a new train station were earmarked for the scheme.
The 180,000 square foot Building One (1 Ruskin Square aka 1RS) was completed in 2016 and was fully let to HMRC.
And the 330,000-square-foot Building Two was due for completion in 2023 after being fully pre-let to The Home Office.
Building Three is a 290,000-square-foot office building that is due for completion in 2024 and, as of June 2023, pre-let deals were available.
4 Ruskin Square is the home of Boxpark Croydon which is a leisure and events space that offers street food, drinks and entertainment under one roof with its concept described as the “world’s first pop-up mall” by its owners.