Capital and Regional, the owners of The Mall in Luton, are in the process of being acquired by a large South African property group, Growthpoint.
However, Capital & Regional have applied for a Judicial Review in an attempt to block the leisure, 5-star hotel, prestige office and mixed-use retail development at Newlands Park, at junction 10 of the M1.
This new Luton gateway development will help fund the redevelopment and regeneration of Power Court in the town centre, which includes a 17,500-seat football stadium, residential units, hotel and a 1,800-capacity music venue.
We have written to Capital & Regional’s non-executive directors, encouraging them to step back from the brink and withdraw their application immediately to avoid catastrophic damage to their reputation in Luton.
In addition, we urgently call upon the senior executive and non-executive directors at Growthpoint to understand, for themselves, the poisoned chalice they may be about to sip from, in purchasing the Mall, Luton. We’d urge them to be cautious in relying upon the perceptions that might be created by statements in Capital & Regional’s annual report.
In the interests of being a real community-friendly entity, after their takeover, they might want to consider making the cancellation of the Judicial Review a condition of their purchase of a majority stake in Capital & Regional.
So we say to Mr Estienne de Klerk, as CEO of Growthpoint, we urge you and your co-directors, to step in and put an end to this disastrous situation and restore harmony. It’s not too late to do the right thing for Luton, but it’s getting mighty close.
Here is the letter that was sent to Capital & Regional’s Non Executive Directors
