Westfield Group and Hammerson got preliminary approval for their project to rebuild a mall located in South London. A property trust that has operations in Australia, New Zealand and the US, Westfield Group is the largest shopping mall operator in the world in terms of assets. Hammerson is a UK-based property developer of commercial buildings, offices and shopping centers.

The local government council in the town of Croydon voted to approve the Whitgift Centre project, a GBP 1 billion or USD 1.6 billion venture of the two firms. Aside from rebuilding the South London mall, the project will also include the development of up to 600 homes, offices and leisure facilities. Documents given to the council members before the voting commenced showed that 5,000 jobs are slated to be created by the development.

Citing a filing to the borough, Bloomberg reported that the project will construct the biggest retail and commercial center in South London. In a statement, Westfield and Hammerson said they expect construction to start in 2015.

Before the vote, planners told the council members the importance of the project. "A step-change in Croydon's retail and leisure offer is required. The best opportunity for delivering this is via the comprehensive redevelopment of the Whitgift Centre and surrounding land," the borough planners said.

In the statement, Hammerson Chief Investment Officer Peter Cole said the plan of the partnership is to reestablish Croydon as the retail destination in South London. The project will also lure more investments and developments in the area.

In an interview with Bloomberg after the successful vote, Cole said, "We are very pleased to receive the unanimous support of the council. This is a key milestone." The next step for the project to get approved, according to the statement, is for the Mayor of London to evaluate the proposal.