According to a report in The Australiian newspaper, Westfield said it is planning to invest in an extension to its shopping centre in west London, known as Westfield London and has plans to build a new £1bn centre in Croydon, south London. The company also said it had plans to restart building work on a delayed shopping centre in Bradford.
The new expansion plans include extending its west London site, which opened in 2008, to include a new mixed used development. Plans include up to 1,500 new homes, including affordable housing, extended open space and new community and leisure facilities.
“While the UK is still in recession and has been deeply impacted by the global financial crisis in Europe, London in particular has been shown to be a very resilient city, as has Paris and the major cities in Germany,” said Steven Lowy, co-chief executive of Westfield, according to reports. “We believe in London for the long term.”
Westfield also plans to restart building on its stalled £1bn shopping centre which is planned for Bradford. Work on the 12 acre site was halted in February 2009, when the company decided to "mothball" the development due to the financial crisis.
Westfield is also bidding for the redevelopment of the Whitgift shopping centre in Croydon, south London. It is bidding against property company Hammerson to be able to develop the centre.
Westfield said it had invested about £4bn in its Stratford and west London developments. “This is the start of enormous change here, there will be offices here and more buildings. It will become a mini city," said Lowy, talking on the company's Westfield London plans.
On top of its London developments, Westfield controls centres in the UK at Derby, Merry Hill and Sprucefield, Northern Ireland. However, Mr Lowy said Westfield could sell assets in the UK, US and Australia to finance the UK projects, according to an Australian report.
