St Modwen Investments has exchanged contracts to sell its Catford shopping centre in south-east London to Lewisham Council for £11.52m. A new regeneration body is to be set up to take over the running of the centre.
The deal will see the ownership of freehold and leasehold interests in and around the Catford Centre transfer from St Modwen Investments, to a wholly owned company set up by the council to be called Catford Regeneration Partnership .
Catford Regeneration Partnership 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.
The council believes Catford town centre is one of the key areas within the borough with significant potential for regeneration. And with this purchase of local land interests, it hopes to open 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."
Killian Morris, senior development manager at St. Modwen, said: “Shopping centres across the country have suffered in the downturn, but Catford is one of the few that can claim 100 per cent occupancy. This is testament to the fact that St. Modwen has maintained the Centre as a vibrant shopping facility at the heart of the Borough, and we are confident that the Council’s decision to purchase the Centre will see it continue to play a pivotal part in Catford and among the local community.
Colliers CRE advised St Modwen on the sale of the centre to the council.
