Minerva has been forced to wait for a £92m payout following the delay of John Lewis signing at Croydon.
Delay of £92m payment
Minerva was due to receive a payment of around £92m from Lend Lease for a 50% stake in the scheme once John Lewis had signed up at the scheme.
But Minerva will now have to renegotiate with Lend Lease and will not receive any payment until John Lewis signs.
John Lewis demands cohesive scheme
John Lewis is unhappy with elements of the scheme relating to the way it fits in with the rest of the retail in the area including the adjoining Whitgift shopping centre.
New plans needed
The current plans are eight years old and it is thought the Minerva and Lend Lease joint venture will be forced to submit a new planning application to accommodate John Lewis’ demands.
In a statement from Minerva and Lend Lease it said they ‘remain focused on progressing this scheme and are working together with the principal stakeholders for the realisation of Park Place.’
‘This active dialogue is constructive and will involve delivering necessary revisions to the consented scheme, which is now over 8 years old. These revisions will essentially facilitate the requirements of the prospective Anchor Tenant and those of neighbouring owners to create a new aspirational shopping district for Croydon.’
John Lewis declined to comment.