£1.5bn Lewisham shopping centre redevelopment put on pause

Summarised from 2 outlets · Updated 22 Oct, 06:32 · Archive

The £1.5bn redevelopment of Lewisham Shopping Centre has been paused by its owner Landsec due to economic conditions.

Landsec, which owns Lewisham Shopping Centre, has put the £1.5bn redevelopment on hold just one year after councillors approved the plans. The developer said it is 'deprioritising' the project due to 'exceptionally challenging economic conditions', citing higher interest rates, rising construction costs and more complex regulations as factors making development in London increasingly difficult.

The 17-acre scheme, approved in October 2025, proposed 1,744 homes, student accommodation and a new shopping centre built over six phases, with work on the first phase due to begin this year. The existing 1970s shopping mall and multi-storey car park would have been replaced with new buildings including a tower up to 35 storeys high.

The project faced opposition from local campaigners over affordable housing levels. Of the 1,744 homes proposed, only 98 would have been for social rent, with 231 at discounted market rates or for key workers, and 661 student rooms plus a 445-home co-living block. BBC London reports that Lewisham's Green Party-led council administration declined to support the next phase of land assembly without a significant increase in affordable housing. Landsec said it remains committed to Lewisham and will focus on operating the existing centre and supporting retailers and the community.

How it is being reported

• Lewisham shopping centre redevelopment pausedThe plans faced opposition from campaigners over the number of affordable homes included.BBC London · 22 Oct, 06:06
• Shock as £1.5billion Lewisham shopping centre redevelopment put on iceThe billion-pound redevelopment of Lewisham Shopping Centre in South East London has been put on pause, a year after the plans were approved by councillors.News Shopper · 21 Oct, 14:00

In this story: Landsec · Lewisham · Lewisham Council · Green Party

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