Shopping centres owner Capital & Regional has been given the green light for a major mall development in Walthamstow today.
The newly-approved plans to transform Walthamstow’s town centre includes more than 86,000 square feet (sq ft) of extended space that is set to be added to the area’s current site.
According to Capital & Regional, the latest Walthamstow development comes as part of a "remerchandising strategy to further diversify the uses and tenant mix of its malls, each individually tailored to its local community."
Today's news comes several weeks after the malls owner estimated that full-year rental income would take a £1.2m hit in the wake of major retail closures and insolvencies on the high street.
The landlord, which has been exposed to rent reductions which come as part of company voluntary arrangements (CVAs), warned that its dividend for 2018 was likely to be at the lower end of a five to eight per cent target.
Along with Capital & Regional’s regeneration ambitions, Transport for London was also granted consent for new infrastructure investment into the area and upgrades to Walthamstow Central station.
Lawrence Hutchings, chief executive of Capital & Regional, said: "This will be transformational for Walthamstow and underlines our position at the heart of the community, both in terms of how we are supporting the improvement of the wider public realm and amenities, including Transport for London’s plans for the underground station, but also in terms of how we are able to provide relevant goods and services for the people we serve."
Hutchings added: "All of this will ensure Walthamstow remains a vibrant neighbourhood for generations to come, underpinning the resilience of The Mall, our positive footfall growth and, ultimately, our income profile."
Work is expected to begin in 2020.