The redevelopment of Times Square shopping centre is under way, aiming to refurbish the 30-year old shopping centre.

The new owner, Lumina Real Estate Capital, is planning a “major strip out” to transform the small commercial units within the centre into six big shops to be finished by July 2015 before shop fitters enter.

TK Maxx will return to the central Sutton location, but the other retailers are so far undisclosed.

Ashtead-based construction company Longcross is working on the project.

The company previously carried out the £500,000 North Cheam McDonald’s refit and the recently finished £5.8m Construction, Engineering and Motor Vehicle Centre at Carshalton College.

The demolition of the south entrance and neighbouring Costa Coffee shop is under way to build a glass fronted entrance on to two retail outlets while the more recognisable north entrance will also be updated.

Alongside merging the smaller stores into larger ones, Lumina plans to turn the escalators currently in TK Maxx through 90 degrees to accommodate splitting the first floor let, formerly TJ Hughes, into two.

Renovations also include replacing the lighting throughout the store, renovating the lifts and installing new metal shutters to separate the shopping centre from the walkway to the Times Square car park in Throwley Way.

Lumina Retail Estate Capital bought the shopping centre alongside neighbouring Times House for £13m in April last year from Buckingham Securities, which had made a substantial loss, having purchased the properties before the financial crisis for £40m.

Prior to the sale, the shopping centre collected more than £2m in annual rent, but Lumina hope it can increase this through the renovations Centre manager Noel Bergmann, said: “It is an exciting time for the shopping centre and we are very pleased that work is under way.

"The centre has seen many changes over the years, but this is a significant overhaul by the new owners Lumina Real Estate Capital that will add value, create a better offering for tenants and shoppers, and contribute to the regeneration of Sutton.”

Remaining shops will remain open during the work.