Cheam eyesore to get redeveloped
Victoria House in North Cheam has been taken over by a property developer.
Stonegate Homes, a property investment and development company based in Great Bookham, bought the site but as of yet has not said what it attends to do with it.
It is expected the building, which has been a blight on the North Cheam Landscape since the shopping centre closed in 2006, will be a mix of housing and retail. Stonegate Homes also has a new housing development on Overton Road, Sutton in its portfolio.
The boarded-up Victoria House building led to the area being named in the top 10 most derelict town centres in the country last year.
In 2011, a survey conducted by the Local Data Company found more than a quarter of North Cheam's retail premises were empty.
John Hall, Chairman of North Cheam Traders Association, said: "Any deal has got to be good news. It will bring more employment, and more homes to North Cheam and hopefully take North Cheam off the hit list of threatened high streets."
North Cheam and Worcester Park recently secured more than £1m for further regeneration from the Mayor of London's Outer London Fund..
Councillor Jayne McCoy, Chair of the Economy and Business Committee at Sutton Council, said: "This is great news for the traders and residents who, like the council, have been very frustrated by the decline of Victoria House, which has been a blot on the landscape for too long.
We worked hard to stimulate interest in the site and we will continue working with the new owner to ensure their plans suit the needs of the area.
We’ll also be encouraging them to take an active part in our own plans for North Cheam and Worcester Park, using the money we successfully bid for from the Outer London Fund."