In the hope of improving regeneration in the Catford area Lewisham Council has finalised the purchase of Catford Shopping Centre for £11.52m.
Regeneration company St Modwen, which has owned the shopping centre since 1993, has agreed to sell it to the council, which will run the centre through a wholly-owned company called the Catford Regeneration Partnership Limited.
Deputy Mayor of Lewisham Councillor 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.”
The Council originally sold the centre to St. Modwen in 1993 under a 150-year long lease, but St. Mowden is now selling it back to focus on more imminent development opportunities.
Killian Morris, senior development manager at St. Modwen, said his company had maintained the centre as a vibrant shopping destination at the heart of the borough.
“Shopping centres across the country have suffered in the downturn, but Catford is one of the few that can claim 100 per cent occupancy,” he said. “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.”