Croydon Council is to search for a private sector partner to develop a number of key town centre schemes.
It has set up an urban regeneration company to facilitate regeneration of its portfolio.
The council and a private sector investment partner would each have a 50% stake in the URC, with the authority’s contributing its land assets.
Both parties will share in the anticipated development and income profits. The council will be looking for up to £70m its private sector partner.
The council expects to place four assets in the first tranche of development. These are Taberner House, the council’s 18-storey headquarters; the council’s 1960s offices in Fell Road; College Green including the college’s arts teaching block, the underground and multi-storey car parks and the open space; and the Tamworth annex site in West Croydon, a former school which is currently being used by a Primary Care Trust.
It is also hoped to re-house the council’s headquarters, either on the Fell Road or College Green sites, with the preferred location being Fell Road. However, whichever site is chosen, the council anticipates getting both a new home and £27m of new funding to invest in further regeneration across the borough.