Greenlight for Park Place

LEND Lease and its partner Minerva plc will push ahead with the development of Park Place after gaining approval from the Secretary’s State office.

The Secretary Of State’s office has decided in favour of the proposed, confirming the Compulsory Purchase Order that will enable the delivery of the Park Place development.

Once completed, the Park Place development will have over 85,000 sqm of retail accommodation including a new full line department store; 14 major space users and over 120 speciality retail shops and restaurants.

In November last year, Lend Lease purchased a 50% interest in the Park Place retail development for £92.5 million ($A230 million).

Park Place is located in Croydon in Greater London and the area is amongst the strongest 10 retail locations in the United Kingdom.

Construction is expected to start in early 2008 with completion forecast in 2011.

Australian Property Journal