A Croydon high street is to undergo major redevelopment after pocketing a share of the Mayor's £50m Outer London Fund.

The scheme, which was set up in June, aimed to highlight the potential of town centres across London, which were not directly benefiting from major infrastructure projects such as Crossrail and the 2012 Olympic games.

In the first round of funding announced in August, New Addington was awarded £516,000 for improvements to Central Parade.

The money will also be used to provide opportunities for community activities and residents will benefit from more seating, refurbished paving and cleaner streets.

The pedestrian links between Central Parade and Village square will be improved and part of the fund will also be put towards a public Pavilion.

Mayor of London Boris Johnson said: "Town centres and high streets have a hugely important part to play in the capital's economy so its vital we pull out all the stops to make them attractive places to visit, work and do business.

"New lights, better shop fronts and spectacular Festive Fayres have delivered immediate returns, boosting trading for the Christmas season but there is much more to do and with £40m left in the Outer London Fund major regeneration will be spreading across the capital throughout 2012."