Croydon commercial property deal agreed

Commercial property and housing is set to be created in Croydon after a major deal between the area's local authority and a developer was agreed.

Public sector infrastructure assets operator John Laing is to join forces with the area's borough council on the £450 million regeneration project, which will focus on the creation of 1,250 new homes between 2012 and 2017.

In addition, a building featuring up to 240,000 square feet of office space will be created specifically for use by the council.

Discussing the agreement, Jamie Kerr, managing director of John Laing Projects and Developments, said the public sector wants "innovation from commercial partners to help maximise returns from their assets".

He added: "Croydon council is leading the way and we are delighted to be working with them in developing this unique model that will deliver new infrastructure and significant regeneration to the local communities it serves."

Muse Developments was recently awarded a major contract to carry out regeneration work in Swindon.