This represents the end of a long and bitter battle between the developers and the council and they now face an awkward time ahead as co-operation will be essential to completing the approved scheme. Schroders and Stanhope, however, maintain a positive outlook, William Hill, Managing Director of Schroders Investment Managers and David Camp, Chief Executive of Stanhope, said:
"We are delighted that the Secretary of State has declined to support the CPO. We argued at the planning inquiry that the arena scheme was not appropriate for this site and we are pleased to see that the Secretary of State agrees thatit does not justify taking our land.
"We have already secured planning permission for our development and wenow look forward to working constructively with Croydon Council toensure the early redevelopment of this key site."
The land on which the development will sit has been derelict for 30 years and is seen as key to the regeneration of Croydon which is in talks to be recognised as 'London's third city'. Fosters' Gateway development will be known as Ruskin Square and will consist of 500 new homes, 1million sq ft of office space, new health facilities, a 200-seat community theatre, cafes and restaurants, all encircling a 4.5 acre public park.
Mr Hill and Mr Camp said: "We hope that having fought for years forpermission to develop our site, we can now put the torturous planninghistory behind us.
"We look forward to early discussions with the council so that we canmake a start on our development which we believe will act as thecatalyst for the regeneration of the rest of Croydon."
Niki May Young