C&R receives formal planning consent for Walthamstow development
Capital & Regional plc (LSE: CAL), the UK focused REIT with a portfolio of dominant in-town community shopping centres, announces that it has received formal consent for its extension and development plans at The Mall Walthamstow.
The approved plans, which will transform Walthamstow town centre with The Mall at its heart, include:
- An 86,000 sq ft extension to the existing shopping centre;
- Up to 500 new residential homes, including affordable housing;
- TFL making a significant infrastructure investment and upgrade to Walthamstow Central Station including a new second entrance within the extended Mall; and
- An enhanced new town square, children’s play area, landscaped park gardens and family amenities.
The extension to The Mall Walthamstow will provide additional space to support the ongoing implementation of the Company’s remerchandising strategy to further diversify the uses and tenant mix of its malls, each individually tailored to its local community. At Walthamstow this will include an additional grocery anchor other convenience provision as well as ‘grab and go’ and casual dining, which will all be customised to the locality.
The works, which are expected to commence in 2020, will build on the significant improvements that Capital & Regional has already delivered at the scheme, including a full refurbishment of the shopping centre, and the addition of new brands including Lidl, Walthamstow’s first Pret and The Gym, which have all had highly successful openings at the shopping centre over recent months, attracted by the affordability of the space as well as the positive footfall growth which significantly outperforms the national average.
The Company will be looking at funding options in further detail as the detailed planning application for the residential tower is brought forward.
Lawrence Hutchings, Chief Executive at Capital & Regional, commented: “Our vision for Walthamstow has been developed hand-in-hand with the council and residents and we have tailored the mix of homes, leisure uses, services and amenities to meet the needs of the local community.
“This will be transformational for Walthamstow and underlines our position at the heart of the community, both in terms of how we are supporting the improvement of the wider public realm and amenities, including Transport for London’s plans for the underground station, but also in terms of how we are able to provide relevant goods and services for the people we serve. All of this will ensure Walthamstow remains a vibrant neighbourhood for generations to come, underpinning the resilience of The Mall, our positive footfall growth and, ultimately, our income profile.”
For further information
Capital & Regional: Tel: 020 7932 8000
Lawrence Hutchings, Chief Executive
FTI Consulting: Tel: 020 3727 1000