Developer Arrowcroft has hailed London's successful Olympic bid as great news for Croydon and says it will transform the town into a hotbed of sporting activity.

Arrowcroft's multi-million pound proposed Croydon Gateway development, which includes a 12,500-seat indoor arena, has been earmarked as a possible training venue for athletes from all over the world when the games commence in the summer of 2012.

The scheme to redevelop the site next to East Croydon station was granted planning permission by Croydon Council in December 2003.

Work has yet to start on site as rival developer Stanhope and Schroders, which has submitted its own planning application, owns or controls the land. However, Daniel Carter, Arrowcroft's development director, said: "We have been liaising closely with both the British Olympic Association (BOA) and the British Paralympic Association (BPA), both of which have indicated their support for the arena proposal and welcomed it as an important addition to the capital's infrastructure.

"The BOA has informed us that the arena could at the very least be used as a training venue for visiting national teams, and the BPA has stated that the arena has the potential to be the centre for future paralympic sporting events in the UK."