Property News | Croydon ‘sitting empty'

Browse By Subject

Money

Property

Social

Professional

Croydon 'sitting empty'

Thursday, May 14, 2009

Source: Catherine Deshayes

As many as 900 commercial properties in Croydon have been abandoned as a result of the recession. Most of these have been classified as "long term empty commercial properties"...

The properties are owned by companies, publicly owned organisations, and property developers. Among these are Barclays Bank, Nestle UK, Croydon Council, Transport for London, and Minerva property developers.

Minerva currently owns seven properties, and an additional 57 under Croydon Plaza Ltd., a subsidiary company. Minerva is reported to be looking for a partner to enable their Park Place development at the St. George's Walk area to continue.

The Whitgift Trust also reported several empty units in the High Street, with 39 classified as long term empty premises.

According to Steve O'Connell, the Cabinet Member for regeneration, the situation is not good, but can be understood. He said, "We don't want to see any empty shops in our borough, but it is a large borough and there will be in the current conditions some shops closed."

Mr. O'Connell however believes that the situation can be remedied if tenants can be attracted to the empty premises. One of the suggestions is to provide an attractive environment in Croydon for both shoppers and tenants.

He also feels that the Government can do much more to help Croydon back onto its feet as a shopping destination. Infrastructure and safety are two important elements that need attention. Mr. O'Connell wanted to assure people Croydon, "is not a ghost town, but just one store closed is one too many." The property sector in south London awaits its saviour.

Source: www.hotproperty.co.uk